UK - The £1bn (US$1.46bn) Somerset County Council pension fund has allocated £30m to emerging markets.
He said: "All of our investment decisions are taken on a basis that they add value - over the next ten years we expect to get value out of the investment."
The tender process, which began in late 2007, has seen the long only mandate awarded to Pioneer Global Investors.
Sweet also said the fund was due to announce a new private equity award notice in the near future, which would represent the fund's first sizeable allocation to the asset class.
"We currently have a very small holding in private equity, but nothing substantial. The award will be a new allocation," he added.
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