Polynorbornenes prepared by vinyl addition pathway are known to have some desirable characteristics for wider application but they have some critical drawbacks such as brittleness, poor solubility and adhesion. In order to improve these drawbacks, extensive research for the successful homo- and copolymerization of polar functionalized norbornene with olefin has been carried out. Even though considerable advance has been achieved in the polymerization of polar functionalized monomers, successful catalytic systems for the homopolymerization of polar functionalized norbornene are rare. In this study, a novel successful catalytic system for the polymerization of polar functionalized norborene is proposed. This system employs Pd ${eta}$-diketiminate/borate cocatalyst in water/organic mixed solvents and it is unique due to introduction of water as a component of solvents. Polymers obtained in this study show high Mw with narrow PDI. Effects of several reaction parameters to the polymer activity and properties are investigated and optimal catalytic system are proposed.