AbstractThe synthesis of highly uniform (1,08 ≤ Mw/Mn ≤ 1,13) telechelic poly(ε‐caprolactone) terminated at both ends with OH groups and its derivatization leading to poly(ε‐caprolactone) with pyrene end‐groups are described. The synthesis, carried out in THF at room temperature, involves initiation with (CH3CH2)2AlO(CH2CH2O)3Al(CH2CH3)2, leading to poly(ε‐caprolactone) macromolecules growing at both ends. The active centers were deactivated with acetic acid, giving macromolecules with OH end‐groups. Reaction of α,ω‐dihydroxypoly(ε‐caprolactone), HO‐poly(εCL)‐OH, with 4‐(1‐pyrenyl)butyryl chloride yields α,ω‐di‐1‐pyrenylpoly(ε‐caprolactone), Py‐poly(εCL)‐Py. Polymers are characterized by GPC, 1H NMR, and UV spectroscopies. The UV spectra of polymers with pyrene end‐groups are compared with the UV spectra of the model compound.