We present a framework for building unsupervised representations of entities and their compositions, where each entity is viewed as a probability distribution rather than a vector embedding. In particular, this distribution is supported over the contexts which co-occur with the entity and are embedded in a suitable low-dimensional space. This enables us to consider representation learning from the perspective of Optimal Transport and take advantage of its tools such as Wasserstein distance and barycenters. We elaborate how the method can be applied for obtaining unsupervised representations of text and illustrate the performance (quantitatively as well as qualitatively) on tasks such as measuring sentence similarity, word entailment and similarity, where we empirically observe significant gains (e.g., 4.1% relative improvement over Sent2vec, GenSen).