Bill > HB2841

This bill amends the existing law governing the Tobacco Settlement Endowment Trust Fund (TSET) to require the Board of Investors to invest at least 4% of the fund's money in eligible Oklahoma venture capital companies or venture capital fund of funds. The bill defines "eligible Oklahoma venture capital company" as a business entity meeting specific criteria, including having five or more investors, no single investor owning more than 40% of the company's capitalization, and either having its principal place of business in Oklahoma or having more than 50% of its assets, operations, and employees in the state. The bill also defines "eligible Oklahoma venture capital fund of funds" as an entity that invests more than 50% of its capital in venture capital funds meeting similar requirements. The legislation mandates that these investments are considered prudent and establishes detailed guidelines for how these venture capital investments should be selected and managed. The bill will become effective on November 1, 2025, and aims to encourage investment in Oklahoma-based venture capital entities while maintaining the existing fiduciary responsibilities of the Board of Investors.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb2841&Session=2600