Private higher education is growing, especially in developing and transitioning countries. Rapid growth frequently comes with concerns about quality. This article explores challenges and opportunities for higher education quality among private universities in Bangladesh. By presenting a vertical case study that explores interactions among actors at the institutional, national and global spheres, the authors argue for the need of developing quality standards that respond to the local realities of developing and transitioning countries. It is also argued that self-regulation among private universities is likely the most effective pathway for improvement. Bangladesh presents an ideal case for analysis given the rapid growth that higher education has experienced in the last 20 years in that country and given the current policy junction as Bangladesh begins to implement a newly developed quality assurance system. Other countries in the region in early stages of developing quality assurance and accountability systems may benefit from the findings of this study.