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.
The directors of collapsed construction giant Carillion were "contemptuous" of funding their defined benefit (DB) pension schemes, and "refused to give an inch", Frank Field has alleged.
The PPF 7800 deficit was slashed in half last month as gilt yields rose. Victoria Ticha asks if this is the start of a longer trend
Frank Field is to warn Sir Philip Green not to sell his Arcadia business without ensuring defined benefit (DB) pensions are adequately protected, PP can confirm.
Some 79% of people would like to see stricter rules and checks to ensure pension pots are secure, according to a survey by the Pensions and Lifetime Savings Association (PLSA).