Japanese Painted Fern (Athyrium niponicum var. pictum)
Wow! This looks like something entirely different from Japanese painted fern. Painted fern fronds would be more divided, even when they're young. The leaf shape and arrangement is a little like a fern I saw once (Pellaea atropurpurea — http://www.flickr.com/photos/erutuon/528358429/), though this is obviously not that exact species.