Many private management education institutes (MEIs) have been established in India in the last three decades. Some of these have already closed, while a few still survive. This study examined four long-established, highly rated institutes to identify factors behind their success. The key elements that explain their success include strong vision, leadership, good governance, fostering of academic freedom with accountability, quality in process, and a culture of innovation. The findings offer insights into management practices that are associated with the effectiveness of management education institutions (MEIs).