The article presents the results of an analytical study that explores the development patterns of universities that participate in the Russian Academic Excellence Initiative (the 5-100 Project) in terms of their financing structure, their priority development areas, and the trends for key performance indicators. By using statistical methods, including cluster analysis, we have attempted to establish the development patterns of universities that are participating in the project from various angles. Our analysis was based on data from the Monitoring Study of the Performance of Institutions of Higher Education conducted by the Ministry of Education and Science of the Russian Federation as well as planned and actual indicators from the development road maps of the participating universities. The cluster analysis of universities was conducted at two main turning points during the project: the launch of the project in 2013 and the launch of its second phase in 2015. We have also factored in performance data from the last year available for analysis (2016). As a result, we were able to identify patterns in the financing structure of the universities participating in the 5-100 Project and patterns in their actual development while taking into account the main indicators from their development road maps. We were also able to identify four comprehensive development patterns on the basis of the results of the cluster analysis. In addition, the identified development patterns were compared with trends in how universities have been advancing through the rankings. The obtained results can be used in future studies of the performance of universities participating in the 5-100 Project and similar excellence initiatives in higher education. [Translated by Kenneth Cargill.]