An aqueous dispersion including dispersed particles containing a pentacyclic triterpene having at least one substituent selected from the group consisting of a carboxyl group and a group derived from a carboxyl group, and a lecithin； an amount of a phospholipid in the lecithin relative to an amount of the pentacyclic triterpene being within a range of from 2-fold to 10-fold by mass, and a volume average particle diameter of the dispersed particles are from 10 nm to 70 nm； and a method of producing the same.
