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When Real Desrochers stepped down suddenly last week as head of private equity at the California Employees' Retirement System (CalPERS), we noted that the nation's largest public pension was being kind of cagey about his eventual successor. It named an interim head (Desrochers deputy Sarah Corrs), but no official search process. Now we know why:

The news: Per board meeting documents published yesterday, CalPERS investment staff (read: CIO Ted Eliopoulos) is recommending that the systems's $26 billion private equity program be merged with the public equities program.

What's coming: More details will be disclosed during upcoming board meetings, but it sounds like CalPERS is thinking about adopting more of a Canadian pension strategy of big direct investments (as opposed to solely being a passive investor in PE funds). Perhaps, then, it's not surprising that a source tells Axios that Eliopoulos has been spending lots of time lately with BlackRock, the current home of Mark Wiseman ― who is largely credited with developing the direct investment strategy while leading the Canada Pension Plan Investment Board

Go deeper

Updated 2 hours ago - Politics & Policy

Key government agency says Biden transition can formally begin

General Services Administrator Emily Murphy. Photo: Alex Edelman/CNP/Getty Images

General Services Administrator Emily Murphy said in a letter to President-elect Joe Biden on Monday that she has determined the transition from the Trump administration can formally begin.

Why it matters: Murphy, a Trump appointee, had come under fire for delaying the so-called "ascertainment" and withholding the funds and information needed for the transition to begin while Trump's legal challenges played out.

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Vaccines: Key information about the effective COVID-19 vaccines — Oxford and AstraZeneca's vaccine won't just go to rich countries.
  2. Health: U.S. coronavirus hospitalizations keep breaking recordsWhy we're numb to 250,000 deaths.
  3. World: England to impose stricter regional systemU.S. hotspots far outpacing Europe's — Portugal to ban domestic travel for national holidays.
  4. Economy: The biggest pandemic labor market drags.
  5. Sports: Coronavirus precautions leave college basketball schedule in flux.

Michigan board certifies Biden's win

Poll workers count absentee ballots in Detroit, Michigan on Nov. 4. Photo: Salwan Georges/The Washington Post via Getty Images

The Michigan Board of State Canvassers certified the state's election results on Monday, making President-elect Joe Biden's win there official and granting him the state's 16 electoral votes.

Why it matters: Republican Party leaders had unsuccessfully appealed to delay the official certification, amid the Trump campaign's failed legal challenges in key swing states.

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