Two phthalocyanines (Pcs) with either a zinc or a ruthenium metal at the center of the macrocycle have been functionalized by a cholesteryl oleate moiety. The potential photosensitizers (PSs) for the treatment of cutaneous leishmaniasis have been studied on their photophysical properties and their ability to generate singlet oxygen. These experiments corroborate that solvent mixtures containing variable ratios of THF and water impact the excited state deactivation. The compounds were used preloaded into LDL particles and their phototoxic activity was evaluated in a preliminary way.