The European Commission recently incentivized universities to establish alliances in order to institutionalise regional collaboration through the European Universities Initiative (EUI). Alliances are envisioned to maintain Europe's global position and enhance regional integration. Their mission statements are ways of signalling identity and legitimacy and are used for strategic planning and performance frameworks. This study explores how 31 EUI alliances communicate their identity using insights from institutional theory and strategic balance. Findings reveal that EUI alliances anchor their identity within low risk and easily accepted areas of value to stakeholders and project homogenisation in regionally institutionalised areas. However, alliance missions also articulate in varying levels of detail a range of ambitions in claims, which demonstrate areas alliances chose to distinguish themselves. The findings provide insight into how alliances exert bounded agency within a regional initiative and highlight potentially competing tensions within the initiative.