Ring‐opening polymerization of cyclic esters was studied using catalysts composed of bulky Lewis acids (LA) and Lewis bases (LB). Controlled polymerization of l‐lactide (l‐Lac) was proceeded by Al(C6F5)3·THF in combination with trimesitylphosphine (Mes3P) or triphenylphosphine (Ph3P) using BnOH as an initiator to produce poly(l‐Lac) with narrow molecular weight distribution (MWD; Mw/Mn = 1.1). Both the LA and the LB were indispensable to promote the polymerization. The molecular weights of the resulting poly(l‐Lac)s were controlled by the feed monomer to initiator ratio. ε‐Caprolactone (CL) was rapidly polymerized by Al(C6F5)3·THF with or without Mes3P, although the resulting polymer had rather broad MWD (Mw/Mn = 1.7). The CL polymerization by Al(C6F5)3·THF alone at r.t. gave poly(CL) with relatively narrow MWD (Mw/Mn = 1.2). © 2016 Wiley Periodicals, Inc. J. Polym. Sci., Part A: Polym. Chem. 2017, 55, 297–303