The invention relates to an aqueous dispersion containing a dispersant and a disperse phase containing a hydrophobic material, the dispersant comprising an anionic compound having a molecular weight less than 50,000 and being selected from the group consisting of carbon-containing compounds and silicon-containing compounds, and a cationic organic compound having a molecular weight less than 50,000. The invention further relates to the preparation and use of the dispersion in the production of paper. The invention also relates to a substantially water-free composition containing a hydrophobic material, an anionic compound having a molecular weight less than 50,000 and being selected from carbon-containing compounds and silicon-containing compounds, and a cationic organic compound having a molecular weight less than 50,000, as well as it use in the preparation of an aqueous dispersion.