311 Capital Management has withdrawn its bid to manage state funds due to an ongoing controversy and threats of a lawsuit from Oklahoma Attorney General Gentner Drummond.
The Invest in Oklahoma board chose 311 Capital to manage Oklahoma’s investments connected to state pensions and endowment funds in February 2026.
What We Know
The dispute between Oklahoma State Treasurer Todd Russ and Drummond stems from the Invest in Oklahoma program, an initiative to encourage more of Oklahoma’s investment dollars to stay within the state. The mission was to keep those funds in Oklahoma, rather than Wall Street or with out-of-state companies.
Oklahoma Treasurer defends Invest Oklahoma amid contract dispute in exclusive interview
Drummond sent a letter to Russ earlier this month, stating that 311 Capital did not meet the qualifications to manage Invest in Oklahoma funds. That letter stated the firm didn’t have enough of a track record, and alleged a conflict of interest, since there were ties to a former staffer for Governor Kevin Stitt, and Stitt voted on the contract.
In a letter dated Friday, May 15, 2026, Steve McDonnold, Managing Director for 311 Capital, disputed the Attorney General’s claims and said the firm is declining the contract and withdrawing its bid.
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