The study sought to provide an understanding of the quality assurance challenges and opportunities faced by private universities in Zimbabwe. The study analyzed the factors determining provision of quality higher education in private universities and the resultant effects of failing to achieve the minimum acceptable standards. The author employed the case study method which falls within the qualitative research paradigm. The major techniques used were documentary analysis, direct observation and participant observation by the author. The results showed that financial constraints and poor corporate governance were the major factors leading to failure by private universities to uphold high quality standards. The study also highlighted the need for an effective national quality assurance agency in making sure that only institutions with the necessary financial, material and human resources should be allowed to operate as private universities.