Modern Universities play increasingly important role in contemporary society, advancing frontiers of science and transforming regional economies. As funding models of modern universities change, they adopt some features of a business organization. While their ability to attract funding becomes vitally important for universities, especially from private sources (industry), a balance between fundamental and applied research becomes vital. The current research investigates 5-years of activities of the Skolkovo Institute of Science and Technology (Skoltech) and particularly its research portfolio. It is based on the theory and practice of the Research Domain Portfolio Matrix (RDPM) approach considering a University to be a portfolio of R&D technologies in diverse scientific areas and at various stages of technology maturity. It is of utmost importance for Universities to find a balance between basic and applied research while making decisions on launching new projects/programs or modifying the existing projects/programs. The proposed RDPM approach helps to leverage limited resources, establish priorities, monitor risks, and influence outcomes in the short and long-term horizons.