α, β, γ δ-Tetraphenylporphinatoaluminum carboxylate (TPPA10COR) and phenoxide (TPPA10Ar) bring about the polymerization of β-lactone and epoxide to give polymers with controlled chain length having a carboxylic ester or phenoxy group at the end of each polymer molecule. Acrylate (TPPA10COCH=CH2) and p-vinylphenoxide (TPPA1-OC6H4,CH˭CH2(p)) as initiator give polyester or polyether macromer with narrow molecular weight distribution.