The invention relates to a voltage regulator having an output terminal (AK) for the provision of an output voltage and connection of a load, an output capacitor (20) connected to the output terminal and having an equivalent series resistance (ESR), a converter unit (10) having supply voltage terminals for the application of a supply voltage (Vcc), an output coupled to the output terminal (AK), a feedback signal input for feeding in a feedback signal (Vfb) dependent on the output voltage, a reference signal input for feeding in a reference signal (Vref), and a comparator unit (TA3), which provides a differential signal (Iea) from the reference signal (Vref) and the feedback signal (Vfb), in which case the converter unit (10) provides an output current (Iout), the mean value of which is proportional to the differential signal (Iea), the proportionality factor between this difference and the output current (Iout) being set by means of a control signal at a control input of the converter unit (10) in such a way that it is proportional to the reciprocal of the equivalent series resistance (ESR) of the output capacitor.