New aqueous PNP dispersions are disclosed. A method of preparing an aqueous PNP dispersion from solvent-based PNPs having a diameter in the range of from 1 to 50 nanometers is disclosed. An associative thickener composition based on PNPs having an average of at least two phobes extending from the surface of said PNPs is also disclosed. The aqueous PNP dispersions are useful in aqueous-based industrial and consumer products, such as latex paint.