The cooperative binding of a novel water-soluble cationic derivative of pheophorbide-a (CatPheo-a) to inorganic polyphosphate (PPS) in buffered aqueous solutions was studied by means of polarized fluorescence spectroscopy in a wide range of molar phosphate-to-dye ratios (P/D). Under low P/D values, CatPheo-a forms extended stacking associates on the PPS matrix, while under high P/D the dye binds to PPS in the dimer form. The CatPheo-a self-association is accompanied by 40-fold dye fluorescence quenching and a substantial increase in the fluorescence polarization degree. The fluorescent titration data were used for determination of cooperative binding parameters by Schwarz's method.