Abstract: Provided is an external agent for skin or mucous membrane excellent in feeling during use despite containing petrolatum as a base. An external agent for skin or mucous membrane according to the present invention includes an oil phase, as an inner phase, that consists of petrolatum or is a liquid or a semi-solid including petrolatum with a viscosity of 5000 mPa·s or more at 25° C. and a water-insoluble functional component phase, as an inner phase, including a water-insoluble functional component, and an aqueous phase as an outer phase, in which particles of a polycondensation polymer having a hydroxyl group and/or vesicles formed of an amphiphilic substance are present at an interface between the oil phase and the aqueous phase, and at an interface between the functional component phase and the aqueous phase.

Abstract: Provided are: a particulate composition which exhibits high water dispersibility regardless of the kind of solid particles; and a method for producing this particulate composition. Also provided are: a liquid composition; a surface modifying agent and a method for improving water dispersibility. The present invention additionally provides: a particulate composition which has dispersibility in an oil-based material; and a method for producing this particulate composition. A particulate composition according to the present invention contains solid particles and an amphiphilic substance that is present on the surfaces of the solid particles; and the amphiphilic substance has an ability of forming vesicles in water.