‘Brightest Minds’

May, 52, has a reputation as a savvy investor. "He’s among the brightest minds that I’ve ever met," said Thomas Williams, who hired May in 2009 while executive director of the Wyoming system. "He’s a real student of the markets."

May helped the Wyoming fund bounce back following the 2008 financial crisis, said Williams, who now runs the Hawaii Employees’ Retirement System. May pushed to stay invested in the stock market, encouraged using low-cost index funds, and argued that hedge funds were worth a try, too, despite their high fees.

His strategy worked. In 2009, May’s first year at the Wyoming system, the investment portfolio posted a 23 percent return, net of fees, compared with its 15 percent target, according to the system’s annual report. It returned 13 percent in 2010, compared with a benchmark of 10 percent. It lost 1.2 percent in 2011 compared with a 1.1 percent loss for its target benchmarks.

When a recruiter for the Kochs called saying he’d heard good things about May, Williams said he supported his candidacy, even though it would be a loss for Wyoming.

Wealthy Conservatives

The Koch’s family office has seven managers on its board, including three executives at Koch Industries -- Controller Richard Dinkel, Chief Financial Officer Steven Feilmeier and Treasurer David May -- as well as family members David H. Koch, Anna B. Koch and Elizabeth B. Koch, according to a filing in Florida last year. Family offices often use boards, with a mix family and non-family members, to decide on investments and settle disputes more efficiently.

Outside business circles, the Kochs are best-known for forming a network of wealthy conservatives to back mostly Republican candidates who push for lower taxes and less regulation. The Kochs have yet to publicly back a candidate for the 2016 presidential election.

A search of political-donation records compiled by OpenSecrets.org and the Federal Election Commission didn’t reveal any contributions through 1888. May donated a combined $2,300 to the Koch Industries Inc. Political Action Committee in 2014 and 2015, according to FEC records.

Deer Creek