What roles do academic institutions or TTOs play as shareholders in spinoffs?

When spinning out a company, one strategy applied by the university or TTO is to often take an equity position in the start-up.
When this happens, how do the university or TTO play their role as a shareholder? Do they keep a close eye on the development of the company and continue to offer active support or do they act more as a sleeping partner? How is the risk measured and what is the exit short-term/long-term strategy chosen by those unusual shareholders?