Dispersed phase hold-up and characteristic velocity in a perforated rotating disc contactor were studied using an aqueous two-phase system composed by polyethylene glycol 6000 and dibasic potassium phosphate. The geometrical and operational variables were flow free area of discs, rotating speed and volume flow ratio. Flow free area of discs showed small influence on the hold-up values, It was also observed the increase of the holdup on the rotating speeds and phase flow ratios.