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The firm has been investing while raising the fund, which is around 50 percent deployed.
The fund has been on the market for most of this year, and has captured commitments from Rhode Island, CalSTRS and New Mexico ERB, among others.
Jeff Aronson was slated to become Centerbridge's only managing principal with the retirement of fellow co-founder Mark Gallogly, the firm's ADV filings said.
The bill drew criticism when originally introduced last year, and was pulled soon after the pension's former CIO resigned in August.
Eliza Haynes comes to the $80bn manager from the College of the Holy Cross's investment office.
The $421bn pension has the ability to terminate the relationship should it see fit down the road.
The process is among several large GP-led deals that have hit what has become a busy secondaries market as sponsors try to finish deals before year-end.
Searchlight is investing in its first downturn at a rapid clip, with more than 30% of Fund III's capital already committed, founding partner Erol Uzumeri told Buyouts.
Toy was the last remaining senior executive leading WL Ross after Carl Stanton left last year and Greg Stoeckle left earlier this year.
Staff had predicted a major comeback for the $80bn pension's PE program at previous meetings, saying relative underperformance earlier this year was due to a 'benchmarking anomaly.'
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