The combination of ring‐closing metathesis (RCM) followed by an intramolecular Pauson–Khand reaction gives direct entry to tricyclic compounds. The RCM was carried out on a hexacarbonylcobalt‐complexed alkyne, this complex acting as a protecting group against enyne metathesis. The procedure was studied for dienynes containing heteroatoms and allows the building of [6,5,5] and [7,5,5] tricyclic systems. The feasibility of the process depends strongly on the nature of the substrate.(© Wiley‐VCH Verlag GmbH & Co. KGaA, 69451 Weinheim, Germany, 2008)