Abstract: The dipolar interaction in a mixed two-phase magnet of soft and hard magnetic particles was analysed. It was deduced that the aligned hard magnetic particles exert a positive average magnetic field on the soft magnetic particles, which enhances the coercive force of the soft magnetic phase. This average field along the magnetization direc-tion of the hard magnetic phase is proportional to the volume fraction of the hard phase in the magnet and its saturation magnetization.