Exciplex band decay has a non-zero rise time, suggesting that exciplexes are acceptor species responsible for fast component in the main peak decay (also responsible for fast anisotropy component in the main peak). Such a behavior is especially interesting because this ensemble may be considered a light-harvesting system, funneling energy towards exciplex species. Exciplexes are more likely to form on the outside of the particles, where water is available. Logically, increasing portion of exciplexes forced by water content growth leads to increased relative amplitude of a fast component in the main peak decays. Polyexponential reconvolution fitting does not yield mathematically reasonable results even with discarded head and/or tail of decays. Only three decays (45, 50 and 55 Vol.% H 2 O) yield reasonable data, but lifetimes of two exponential components alter significantly (5.52 to 4.77 ns and 2.07 to 1.79 ns at 45% and 55% Vol.%, respectively).