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

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Updated 23 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

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Arrest over letter to Trump containing poison ricin

President Trump returning to the White House from Minnesota on Sept. 18. Photo: Win McNamee/Getty Images

A suspect was arrested for allegedly "sending a suspicious letter" after law enforcement agents intercepted an envelope addressed to President Trump containing the poison ricin, the FBI confirmed in an emailed statement to Axios Sunday.

Details: The suspect, a woman, was arrested while trying to enter New York from Canada, law enforcement forces said.

Trump campaign goes all in on Pennsylvania

Trump poster in Scranton, Pennsylvania. Photo: Robert Nickelsberg/Getty Images

The president's campaign is placing more importance on Pennsylvania amid growing concern that his chances of clinching Wisconsin are slipping, Trump campaign sources tell Axios.

Driving the news: Pennsylvania, which has 20 electoral votes, twice Wisconsin's number, actually has been trending higher in recent public and internal polling, a welcome development for the campaign.