To provide an aqueous dispersion containing microcapsules suitable to produce a one-pack type epoxy compound product.

The aqueous dispersion-like composition contains microcapsules, whose core material is a compound having a reactive epoxy group and whose wall material is at least a polyurethane or a polyurea, as a disperser. The microcapsule keeps a stable dispersion state even in coexistence with a component having a nucleophilic functional group. The dispersion hardens on heating. The compound having a reactive epoxy group is a water-insoluble compound having ≥2 glycidyl groups in the molecule. The polyurethane or the polyurea comprises at least a reaction product of a compound having ≥2 isocyanate groups and a polyamine or a polyol.