Chris Witkowsky & Rod James

As secondaries has exploded in popularity, reaching a record volume level last year of about $130bn, the growth of the talent pool has not kept up.

GP-led deals drove secondaries volume to record levels last year, reaching more than an estimated $134bn.

The deal, focused around talent agency Creative Artists Agency, is likely to be more than $1bn in size.

The pension is slightly over its long-term target and the portfolio is one of several large transactions on the secondaries market.