A critical phase separation in self-assembling colloidal dispersions is pre
dicted. The coexisting phases are a dilute gas of ends that coexists with a
high-density liquid of branching points. Our model provides a unified expl
anation for the branched structures, the unusually low critical temperature
and density, and the consequent two-phase coexistence 'islands' in both cy
lindrical microemulsions and dilute dispersions of dipolar particles (e.g.
ferrofluids).