The N‐heterocyclic carbene‐phosphinidene adducts (NHC)PH were reacted with AlMe3 in toluene to afford the monoaluminum complexes [{(IDipp)PH}AlMe3] and [{(IMes)PH}AlMe3] (IDipp=1,3‐bis(2,6‐diisopropylphenyl)imidazolin‐2‐ylidene, IMes=1,3‐bis(2,4,6‐trimethylphenyl)imidazolin‐2‐ylidene). In contrast, the dialuminum complex [{(MeIMes)PH}(AlMe3)2] was obtained for MeIMes=1,3‐bis(2,4,6‐trimethylphenyl)‐4,5‐dimethylimidazolin‐2‐ylidene. These complexes served as initiators for the efficient ring‐opening polymerization of rac‐lactide in toluene at 60 °C. High degrees of isoselectivity were found for the poly(rac‐lactide) obtained in the presence of the monoaluminum complexes (Pm up to 0.92, Tm up to 191 °C), whereas almost atactic polymers were produced by the dialuminum complex. Detailed mechanistic studies reveal that the polymerization proceeds via a coordination‐insertion mechanism with the carbene‐phosphinidene ligands acting as stereodirecting groups.