Aqueous dispersions of colloidal aggregates of liquid-crystalline lipid-water phases are described. The lamellar liquid-crystalline phase can form liposomal dispersions, which are wellknown from extensive studies of these particles in drug delivery. Less is known about dispersions of cubic and hexagonal phases. The preparation of such colloidal dispersions, their structure and physical properties are summerised. The dispersed cubic phase is compared to liposomal dispersions, and it is concluded that an important application of the cubic particles will involve encapsulation of proteins and protection of their native conformation.