Governor Kevin Stitt’s vote on a little-known state board has put a locally connected investment firm with ties to one of his former business partners in line to help steer roughly $2 billion in Oklahoma public money. The move, which elevated a small adviser to a powerful role in the state’s new Invest In Oklahoma program, has triggered fresh questions from reporters and some lawmakers about who is benefitting and what the public is allowed to see.
On Jan. 8, 2026, the Office of the State Treasurer issued a formal Request for Proposals that laid out the Invest In Oklahoma program and estimated that participating public entities could collectively deploy about $2.37 billion, if each invested the statutory 5 percent of its rolling three-year assets, according to the RFP published by the Oklahoma State Treasurer's Office. The solicitation sought an investment advisor and fiduciary manager to source, evaluate and monitor Oklahoma-based private equity, venture and growth investments for participating public funds.
Board Pick Draws Scrutiny
As reported by Oklahoma Watch, the Invest In Oklahoma board voted to hire 311 Capital Management LLC as investment adviser and fiduciary. According to that reporting, Stitt supported the selection during a board action earlier this year. Oklahoma Watch also reported that the firm is positioned to help guide decisions involving more than $2 billion in assets held by state pensions, endowments and newly created sovereign-style accounts.
How The Selection Moved Forward
The Invest In Oklahoma board consists of the governor, the lieutenant governor, the state treasurer and two legislative appointees. The treasurer’s office says the board adopted an investment policy and moved quickly to launch the program in recent weeks, according to a state treasurer news release. Treasurer materials state that any advisor selected through the RFP must be confirmed by the board and operate under fiduciary standards specified in the solicitation.
Who Is S. Bond Payne?
S. Bond Payne is listed in firm materials as the founder and executive chairman of Citizen Capital and previously served in the Stitt administration as chief of staff from 2020 to 2022, according to the biography on Citizen Capital. He has long been active in Oklahoma investment circles and, according to reporting, launched the advisory firm that the board ultimately chose.
Stitt’s Past Ties And His Office’s Timeline
Oklahoma Watch reported that Stitt was an early investor in an entity linked to Payne. The outlet also reported that the governor’s office told reporters his interest in that entity was fully divested in June 2024 and that updated financial disclosure filings were submitted. Oklahoma Watch is the source for the timeline of the governor’s previous financial ties and the administration’s statements about divestment and disclosure.
Why This Hire Packs A Punch
The RFP and related treasurer documents spell out that the adviser will play a central role in scouting and recommending Oklahoma-focused funds and direct deals. If participating public entities choose to use the full 5 percent allocation allowed under law, they could collectively support a program with roughly $2.37 billion in capacity. That gives the chosen fiduciary considerable influence over which managers and in-state investments get in front of pension and endowment boards for potential funding.
Legal And Ethics Questions Ahead
The Invest In Oklahoma solicitation requires bidding firms to acknowledge their fiduciary status, disclose material conflicts of interest and affiliations, and provide annual disclosures and monitoring reports to the treasurer and the board. Because the RFP explicitly highlights conflicts and fiduciary duties, watchdog groups and state lawmakers are poised to seek more detail on any past business relationships and on how the adviser and the board plan to handle possible conflicts.
State officials say the process now shifts into an oversight phase. Any recommendations from the adviser must go before public boards for approval, and specific allocations will need separate sign-offs. In his recent budget statement, Stitt also created a $200 million Taxpayer Endowment Trust Fund, a new permanent investment vehicle that raises the stakes on how the state’s savings are managed in the years ahead, according to the Governor's Office.
