In spite of their useful electronic and mechanical properties, the utility of single‐walled carbon nanotubes (SWNT) is limited by their inherent insolubility in aqueous environments and the difficulty in functionalizing the material while retaining opto‐electric properties. In this article, the synthesis of polyvinylpyrrolidone (PVP) copolymers for wrapping SWNTs is described. Studies include the effect of polymer composition and charge on SWNT stability in aqueous solution and the variation of the stability of wrapped SWNTs during high‐dilution conditions using dialysis studies. Finally, the PVP‐copolymer strategy is used to create polymer wrappers with functional handles for the incorporation of useful chemical functionality. © 2014 Wiley Periodicals, Inc. J. Polym. Sci., Part A: Polym. Chem. 2015, 53, 337–343