We report the study of a mixed-spin multiple-quantum-well system consi
sting of alternating Zn1-xMnxSe and Zn1-yFeySe layers, grown by molecu
lar-beam epitaxy. The two spin components of the heavy-hole exciton ar
e each dominated by different exchange interactions as revealed by the
ir temperature and magnetic-field dependence. We find that the energy
of the spin-down sigma(+) component (-3/2, - 1/2) is well described by
exchange interactions of the electron and holes with Mn2+ ions (Brill
ouin paramagnet), while the energy of the spin-up sigma(-) component (
+3/2, +1/2) is determined by the interactions of carriers with Fe2+ io
ns (Van Vleck paramagnet). Thus, these tailored heterostructures permi
t simultaneous study of Brillouin and Van Vleck paramagnetism as well
as associated carrier dynamics in a single structure.