The radical copolymerization of 2-(6-sulfo-2-naphthoxy)ethyl methacrylate sodium salt and lauryl methacrylate led to a water-soluble polymer that contained both hydrophobic and hydrophilic components. Studies showed that naphthalene excimer formation was dependent on both solvent and ionic strength, indicating that excimer formation occurred predominantly from across chain contacts. The hydrophilic-hydrophobic nature of the polymer gives it the ability to solubilize hydrophobic molecules such as perylene. Steady-state fluorescence depolarization and emission studies demonstrated that energy migration among the naphthalene sulfonate groups occurs as well as energy transfer from the naphthalene sulfonate groups to the solubilized perylene. Photochemical studies showed that the polymer sensitizes the photooxidation of perylene using both monochromatic and solar-simulated light.