The Chilean Higher Education System can be considered an exemplary case of massification based on the privatisation and heterogenisation of universities. These processes have created a dual system, with a large group of universities for mass education versus a small group of universities focused on educating elites. In this context, this paper aims to analyse the ethos and missions of elite universities and programmes, their selection mechanisms, and students' socioeconomic and cultural background. Eight case studies were selected, and different data collection techniques were used: interviews with academics, non-participant observations, students' survey and secondary data analysis. Results show that these elite universities (characterised by overrepresentation of students from the upper and middle-upper classes, high levels of excellence and prestige, and academic selection processes or high fees) respond to their own market niche's needs, differentiating themselves not only from 'mass universities' but also from each other. To achieve this, each elite university has its own vision, set of values and practices. Despite these differences, all the elite universities and programmes seek to face the current tertiary massification scenario by opening up to student social diversity ensuring, however, that these changes do not structurally modify their sociocultural composition or their institutional mission.