Selective, active, stable, and general catalysts for the controlled ring-opening polymerization of (macro)lactones are central in our pursuit of a more benign material economy. Within, we explore the formation of an activated lactone initiator (ALI) based on ZnEt2-1,8-diazabicyclo[5.4.0]undec-7-ene (DBU) as an air-stable and selective initiator/catalyst, yielding linear polymers with one ß-keto ester and one alcohol end-group. Ring-opening polymerization (ROP) with high activity and control was found for unsubstituted (macro)lactones (ω-pentadecalactone (PDL), hexadecanolide (HDL), δ-valerolactone (δVL), and ε-caprolactone (εCL)) and cyclic carbonate trimethylene carbonate (TMC). A particular focus was placed on studying the ALI for the polymerization of strainless PDL and strained εCL. In contrast, ALI-ROP could not polymerize lactones containing substituents on the terminal carbon, indicative of the coordination insertion features of the polymerization. This work explores selective catalysts with high control, fast kinetics, and superb air stability towards the next generation of greener materials.