He’s acquiring university colours (4)
I believe the answer is:
hues
'colours' is the definition.
(I've seen this before)
'he's acquiring university' is the wordplay.
'he' becomes 'hes' (I can't explain this - if you can you should believe this answer much more).
'acquiring' indicates putting letters inside.
'university' becomes 'u'.
'hes' going around 'u' is 'HUES'.
(Other definitions for hues that I've seen before include "Colours" , "Tones or shades" .)