The objective of this research study is to identify and analyze the variables that influence the relational bond between a Chilean regional university and its graduates. For this, a study based on the technique of structural equations is performed through the partial least squares (PLS) method, examining the specific case of the University of La Serena. This allows developing a causal model of six hypotheses with the following constructs: 1) continuing education, 2) graduate satisfaction, 3) teaching quality, 4) support network trust, 5) graduate loyalty, and 6) graduate identification. In conclusion, a causal model with a good fit (0.531) and all its significant variables is developed, allowing to establish a strong influence of graduates' construct satisfaction for the relational bond they have towards their alma mater.