New syntheses of PEG-(OCH2C5H4N)(2) and PEG-(OC6H4PPh2)(2) (PEG: poly(ethylene glycol)) conjugates are reported. An iridium hydrogenation catalyst 1, is shown to catalyze hydrogenation in a water/substrate two-phase system. Attachment of 1 to PEG to make 2 and 3 succeeds in making the complex water-soluble and allows it to retain some of its catalytic ability, but leads to micelle formation that inhibits the separation of organic and aqueous phases.