Chemistry in confined conditions is explored at the level of the interlayer space of multiwall carbon nanotubes. Starting from preliminary intercalated tubes, a ligand exchange reaction has been successfully conducted within the former Van der Waals gap, resulting in a final dispersion of heteroatomic particles, around 2 nm large and nearly homogeneous in size, on the outer surface of the tubes. Intercalated tubular carbon architectures thus prove to be interesting templates for a bottom-up preparation of chemically complex supported nanoparticles, with potential activities for versatile applications.