Abstract: A catalyst for use in homogeneous catalysis comprises a backbone of at least 5 carbon atoms chain length, which may comprise aromatic moieties and also hetero atoms, a polar moiety at one of the ends of the backbone and a ligand moiety at its other end, such ligand moiety being adapted to form a complex with a metal ion. A process of hydrogenation or of hydroformylation comprises contacting an aqueous phase containing a catalyst as defined above, with an organic phase comprising the reactant, introducing hydrogen or a hydrogen-carbon monoxide mixture with agitation until the reaction is terminated, separating the phases and recovering the desired reaction products from the organic phase.