Hydrophobic substances were dissolved in an organic solvent and emulsi
fied with an aqueous solution at very high shear. Droplets of very sma
ll sizes (50-100 nm) were obtained by using surfactants which were com
binations of lecithins and bile salts. After emulsification, the organ
ic solvent was removed by evaporation, yielding stable dispersions of
solid particles. The sizes, shapes, and structures of the particles we
re examined through quasi-elastic light scattering, small-angle neutro
n scattering and cryotransmission electron microscopy. Cholesteryl ace
tate particles stabilized by lecithin and bile salts were found to be
platelets of 10-20 nm thickness and 80 nm diameter. Cholesteryl acetat
e particles stabilized with POE-(20)-sorbitan monolaurate were dense s
pherical globules of diameter 100 nm. Particles with a composition sim
ilar to the endogenously occurring lipoprotein, LDL, were large spheri
cal globules studded with small vesicles. The subsequent evolution of
the cholesteryl acetate dispersion upon aging was examined. There was
no transfer of cholesteryl acetate between particles nor to large crys
tals. However, some aggregation of the particles was observed when the
volume fraction of the particles in the aqueous dispersion exceeded 0
.05. Thus, the structure of the nanoparticles obtained through deswell
ing of emulsion droplets changes according to the nature of the emulsi
fiers and to the composition of the hydrophobic substances which they
contain.