This article explores how higher education institutions (HEIs) internationalize, employing information on the internationalization activities (IA), context and organizational characteristics of 431 HEIs from 33 European countries. A latent cluster analysis identifies three distinct clusters of HEIs with distinct portfolios of IA: "basic, academic and entrepreneurial." The "basic" portfolio includes the most common IA, whereas IA requiring larger organizational capacity are rare. The "entrepreneurial" portfolio distinguishes from the "academic" portfolio as it also includes IA aimed to attract resources. We explore what contextual and organizational traits characterize HEIs with different IA portfolios. Small HEIs tend to display a "basic" portfolio, without national variations. On the contrary, strong national variations exist in the frequency of "academic" and "entrepreneurial" portfolios, which strongly relate to the actual and potential importance of tuition fees as a source of revenues.