Using 22 metal triflates as catalysts, ε‐caprolactone is polymerized at 22 °C in bulk. Only five relatively acidic triflates prove active. Three triflates, including the neutral Sm3+, are active using water as initiator. A very low content of cyclics is found in all the experiments. With Ce3+ and Ce4+, polymerizations are performed in CH2Cl2 and in bulk at 2 °C and 22 °C. Low dispersities (down to 1.1) are obtained. At 22 °C, Ce4+ and, even better, Ce3+ also catalyze syntheses of CO2H‐ and CH2OH‐terminated polycaprolactones, whereby higher dispersities and larger fractions of cyclics are obtained. Further polymerizations and polycondensations are catalyzed with protic acids. The results can be explained by a proton‐catalyzed activated monomer mechanism.