Alumni associations are established by higher education institutions to formalise relationships with alumni, and to nurture alumni loyalty over time. This study investigates drivers of perceived value for an alumni association, and the effects that perceived value and satisfaction have on alumni loyalty. Data were collected from 1711 respondents to an online survey of alumni at a university college in Norway. Responses were analysed using partial least squares structural equation modelling. Findings reveal that service quality of alumni activities and attractive quality of the association drive perceived value. Satisfaction among those that have participated in alumni activities has a significant moderating effect on the relationship between perceived value and alumni loyalty. However, the direct effect of perceived value on alumni loyalty is not significant, meaning that perceived value alone is not enough to drive alumni loyalty. It is necessary to also achieve satisfaction among participants.