TRANSCRIPT
Dick Pryor: This is Capitol Insider - taking you inside politics, policy, and government in Oklahoma. I'm Dick Pryor with Quorum Call publisher, Shawn Ashley. We're going to talk about money today. Oklahoma's pension funds are currently investing more than $50 billion, that's billion with a B, in stocks, bonds, and other financial instruments to provide funding for retirement benefits. Those benefits are for state employees, firefighters, law enforcement, teachers and judges. But a recent report to the Oklahoma State Pension Commission shows that very little of that money is being invested with Oklahoma firms. Shawn, what are the specifics?
Shawn Ashley: According to the report from the Commission's investment consultant, just 0.23% of the pensions’ funds of more than $50 billion of investment are in Oklahoma companies and firms. Five of Oklahoma pension plans have exposure to Oklahoma-based private equity funds, venture capital funds, and growth funds, according to the report. In total, these types of funds compose $101.7 million in market value and total committed capital of about $217 million, according to the report. Jason Samansky, who presented the report on behalf of RFK, the investment consultant, noted Oklahoma companies make up a small portion of the total investment world. California-based Apple, for example, has a market cap of $4.8 trillion, approximately 10 percent of the total stock market. Devon Energies, by comparison, is just $54.3 billion, less than one percent of the total market.
Dick Pryor: The legislature and Governor Kevin Stitt have been working to increase the amount of the state's public funds invested with Oklahoma companies. What have they done?
Shawn Ashley: In 2021, the legislature passed and Governor Stitt signed legislation creating the Invest in Oklahoma program to encourage the pension funds and those who oversee other funds to invest in Oklahoma companies. Originally, the program was housed at the Oklahoma Center for the Advancement of Science and Technology, which makes its own investments in Oklahoma startup companies. Legislation passed and signed in 2025 moved that program to the State Treasurer's Office.
Dick Pryor: So, that leads us to the Invest in Oklahoma board. It recommends to the state treasurer and state pension fund managers, various Oklahoma companies to consider for state investments. And it also oversees the Taxpayer Endowment Trust Fund. What is that fund?
Shawn Ashley: The Taxpayer Endowment Trust Fund was created during the 2026 session. Lawmakers appropriated $200 million to the fund. They hope that money will grow to $1 billion, and then its proceeds will be used to offset reductions in state taxes, particularly the individual income tax.
Dick Pryor: The Invest in Oklahoma board is now looking for a company to manage that fund. Who are they considering?
Shawn Ashley: Ten firms responded to the board's requests for proposals. They include some of the best-known firms in investing consulting, such as Aon and Goldman Sachs, and lesser-known companies like PYNX Group, which is headquartered in Switzerland and has offices in London, Abu Dhabi, and Alberta, Canada, but currently no U.S. presence. At Governor Stitt's urging, the board is asking all ten firms to come to Oklahoma for interviews. Stitt said he wanted to look into the eyes of the firm's representatives to discuss how their companies would handle the state's money.
Dick Pryor: Which of those companies have Oklahoma connections?
Shawn Ashley: Only one, MEMCO, Multilateral Endowment Management Company. This firm grew out of the investment office of the Oklahoma State University Foundation. In addition to funds for various OSU-related programs, MEMCO also handles investments for two long-term endowments overseen by the Utah State Treasurer's Office, among others.
Dick Pryor: Why aren't more Oklahoma companies on the list?
Shawn Ashley: Well, first, there just aren't that many firms in Oklahoma that met the qualifications to apply. Most large investment consultants are headquartered in places like New York, California, and Chicago. Second, the application process is very complicated. The request for proposals was issued through State Treasurer Todd Russ's office. And one of his staff noted that each response was about 300 pages in length, including complicated financial and legal information.
Dick Pryor: Now to the week ahead. The House Rules Committee meets Tuesday to consider allegations against Republican State Representative Danny Williams of Seminole. What can we expect for that meeting?
Shawn Ashley: Tuesday’s meeting will be behind closed doors. The committee is expected to hear from House staff and the outside legal firm that conducted the initial investigations related to Williams alleged improper behavior with a staff member. From there we'll have to wait and see exactly how the committee proceeds.
Dick Pryor: Thank you, Shawn.
Shawn Ashley: You're very welcome.
Dick Pryor: For more information, go to quorumcall.online. Audio and transcripts are at kgou.org. Until next time, with Shawn Ashley, I'm Dick Pryor.
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