There has been strong policy interest in universities becoming more entrepreneurial and engaging in knowledge exchange activities as part of an expanding third mission agenda. However, our understanding of the evolution and diversity of such activities is limited. Using longitudinal data from the Higher Education Business Community Interaction (HEBCI) Survey, this study examines the evolving configuration of universities' knowledge exchange activities and stakeholders by analysing distinctive clusters of English universities. We find an increasingly diverse profile of third mission activities across different types of universities: within old, more established universities, Russell Group universities increasingly focus on research-oriented activities typically in partnership with large firms and non-commercial organisations; while another group engages in a broad range of knowledge exchange activities with low specialisation over time. Newer, less research intensive, universities increasingly rely on activities such as consultancy and formation of spin-offs. A decreased engagement with small and medium enterprises and a lower share of knowledge exchange activities at the regional level are observed across the time studied for all universities.