Aqueous (meth)acrylate copolymer dispersions preparable by

(I) subjecting at least one monomer (a) containing at least one hydrophilic functional group which brings about the water-solubility or water-dispersibility of the (meth)acrylate copolymer to (co)polymerization in aqueous/organic solution using at least one oil-soluble initiator which provides free radicals,

(II) where appropriate, fully or partly neutralizing the resulting (co)polymer I,

(III) dispersing the resultant solution of the (co)polymer I, (partly) neutralized where appropriate, in water, and

(IV) copolymerizing and/or graft-copolymerizing at least one monomer (b) in the presence of the resultant dispersion III using oil-soluble initiators which provide free radicals, the monomer or monomers (b)

• containing at least one hydrophilic functional group which brings about no substantial water-solubility or water-dispersibility of the (meth)acrylate copolymer, or at least one hydrophobic group, and
• being selected in nature and amount such that the resulting (meth)acrylate copolymer is soluble or dispersible in water.