This bill amends Section 2306 of Title 62 of the Oklahoma Statutes, which governs the Board of Investors of the Tobacco Settlement Endowment Trust Fund. The key changes include a new requirement for the Board to invest at least four percent (4%) of the trust fund in eligible Oklahoma venture capital companies or venture capital fund of funds. The bill defines "eligible Oklahoma venture capital company" and "eligible Oklahoma venture capital fund of funds," establishing criteria such as the need for multiple investors and a significant presence in Oklahoma. Additionally, the bill clarifies that the investment managers and eligible entities must be selected through a competitive solicitation process.

Other provisions in the bill include the Board's authority to retain qualified investment managers and the ability to sell investments to maximize long-term returns. The bill also mandates that the Board select a custodial bank for managing the trust fund's securities and allows for the selection of professional consultants to assist in fiduciary responsibilities. The act is set to take effect on November 1, 2025.