University leaders in South Africa are increasingly concerned about "institutional capture," a term used to describe external actors seeking to influence university governance. This follows a March dialogue hosted by Universities South Africa (USAf), where sector leaders voiced worries about the growing role of external entities in shaping institutional decisions. The discussion came amid rising student unrest, with some analysts suggesting that broader struggles for control may be playing out within higher education. While the concept of "state capture" has dominated political discourse, the parallel issue of "institutional capture" highlights concerns about the autonomy of academic institutions. The debate underscores a wider tension between governance structures and external pressures, raising questions about the future direction of South African universities.