A lipophilic chain transfer reagent was prepared by coupling of N,N-dioctadecylamine with 3-mercaptopropionic acid, and telomerization of acrylic acid (product, DODA-S-PAA) or N-isopropylacrylamide (product, DODA-S-PIPA) was carried out by using the chain transfer reagent. The amphiphiles obtained formed stable liposomes with lecithin (L-alpha-dimyristoylphosphatidylcholine or L-alpha-dipalmitoylphosphatidylcholine), and the liposomes showed a pH-responsive (DODA-S-PAA) or temperature-responsive (DODA-S-PIPA) release of fluorophore from inner water pool. The lipophilic chain transfer reagent was useful to prepare amphiphiles with various functionalities.