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This paper traces the growth in the Victorian vocational education and training (VET) system of privately owned Registered Training Organisations (RTOs) since 1991 when the VET system was opened up more widely to private providers. This growth is reviewed and a brief literature review places the research in context. The CEOs, or their nominees, in 21 privately owned RTOs which have operated in the Victorian VET system have been interviewed. All the RTOs participating in this research inquiry were registered prior to December 1994 and are still operating. They include enterprise, industry and commercial training organisations of varying sizes. The main purpose of this paper is to report some aspects of what these interviews have revealed. It illustrates the extent of diversity found within this group of RTOs; for example the rationale for seeking registration and the benefits perceived, the markets in which they operate, including the courses they offer, and the client groups they service. The significance of government funding to their operations is also identified. The findings of this research reinforce the need for more detailed research into the activities and impact of privately owned RTOs within the national VET system, particularly as very few of those which do not receive government funds are currently included in statistical data prepared by National Centre for Vocational Education Research (NCVER). This paper represents work in progress and is part of a PhD project. Comments are very welcome.