Phenomenological Model and Phase Behavior of Saturated and Unsaturated   Lipids and Cholesterol
  We present a phenomenological theory for the phase behavior of ternary mixtures of cholesterol and saturated and unsaturated lipids, one which describes both liquid and gel phases, and illuminates the mechanism of the behavior. In a binary system of the lipids, the two phase separate when the saturated chains are well ordered, as in the gel phase, simply due to packing effects. In the liquid phase the saturated ones are not sufficiently well ordered for separation to occur. The addition of cholesterol, however, increases the saturated lipid order to the point that phase separation is once again favorable. For the system above the main chain transition of the saturated lipid, we can obtain phase diagrams in which there is liquid-liquid phase separation in the ternary system but not in any of the binary ones, while below that temperature we obtain the more common phase diagram in which a gel phase, rich in saturated lipid, appears in addition to the two liquid phases. 
Gregory Garb\`es Putzel and Michael Schick