Dim sPos As Long
Dim ePos As Long
Dim sText As String
 
sText = "hallo%alias%, wie%alias2%"
sPos = 0
Do
  ' nach 1. %-Zeichen suchen
  sPos = InStr(sPos + 1, sText, "%")
  If sPos > 0 Then
    ' nach 2. %-Zeichen suchen
    ePos = InStr(sPos + 1, sText, "%")
    If ePos > 0 Then
      MsgBox Mid$(sText, sPos, ePos - sPos + 1)
      sPos = ePos + 1
    Else
      Exit Do
    End If
  End If
Loop Until sPos = 0

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