The distribution behavior of tris(pentane-2,4-dionato)cobalt(III) [Co(acac) 3 ] between supercritical carbon dioxide (SC-CO 2 ) and water was investigated in the absence and presence of fluorine-and trifluoromethyl-substituted phenols (PhOH). The distribution of Co(acac) 3 into SC-CO 2 was enhanced by adding fluorine-and trifluoromethyl-substituted PhOH because of the formation of Co(acac) 3 ·PhOH association complexes via hydrogen bonding. The Co(acac) 3 ·PhOH association constant in the biphasic SC-CO 2 /water system was determined from the relationship between the distribution enhancement and the PhOH concentration in the supercritical medium. Lower association constants were obtained in the biphasic SC-CO 2 /water system compared with those in the single-phase SC-CO 2 system, and this was ascribed to hydrogen bonding inhibition by H 2 O molecules dissolved in SC-CO 2 . Finally, the thermodynamic parameters and the number of CO 2 molecules released upon the association of Co(acac) 3 and 3,5-bis(trifluoromethyl)phenol were calculated by using data on the formation constant as a function of pressure and temperature.