A coalition of activists uncovered late last year that Yale University’s $27.2 billion endowment had a direct investment in Puerto Rican debt instruments through a Cayman Islands-registered shell corporation. It is believed to be the first documented proof of a university endowment holding Puerto Rican bonds directly in its portfolio. But the investment manager that maintained the bonds, Cyrus Capital, quietly sold them in January, just as critics were finalizing a campaign to condemn Yale for profiting from the crisis in Puerto Rico.

Yale’s endowment still has hundreds of millions in the care of at least four hedge fund managers that carry Puerto Rican bonds among their investments. In addition, Yale’s top alumni donor, Charles Johnson, is the retired board chair and largest shareholder in Franklin Resources, which holds $1.8 billion in Puerto Rican debt. Student advocates for Puerto Rico plan to continue to pressure the university, hoping to channel the campus passion for racial justice into economic justice for those on the island.

The activist coalition, which includes state and local elected officials, and labor, community, and campus groups, released its findings on Tuesday, calling on Yale’s endowment to fully disclose any other direct holdings in Puerto Rican debt — and cancel it. “The undersigned organizations urge you to provide leadership in relieving Puerto Rico’s unsustainable public debt burden,” reads a letter sent to Yale Chief Investment Officer David Swensen.

The call for a debt jubilee for the struggling island, not merely divestment in the holdings, significantly advances demands by Puerto Rico debt activists. “We wanted to figure out a way for Yale to take the lead for the people of Puerto Rico,” said Charles Decker, a political science Ph.D. candidate and vice president of research for Unite Here Local 33, Yale’s graduate employee union. “If the government is not going to do anything on Puerto Rico, it’s up to the elite dominant institutions to put pressure on managers and other universities to take action.”

In order to pay bondholders, who include hedge funds backed by universities such as Yale and Harvard, Puerto Rico is slashing spending on education on the island, while pursuing extreme versions of privatization.

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It’s not the first time Yale’s endowment has been targeted due to its interests in Puerto Rico. Last month, protesters demanded that the endowment divest from the Baupost Group, the largest holder of COFINA bonds, which are backed by the island’s sales taxes. The Baupost investment in Puerto Rican debt had been secret until exposed by The Intercept in October. Baupost, run by billionaire money manager Seth Klarman, parked its COFINA bonds inside a shell corporation named Decagon Holdings. The limited partners in Decagon are unknown, but Yale does have $740 million invested with the hedge fund.

Unite Here researchers were able to find Yale’s imprint on CRS Master Fund LP, a shell corporation managed by Cyrus Capital, with whom the university has $547 million invested. According to information from Yale’s latest IRS return, known as a 990 form, the endowment had 88.75 percent ownership of the CRS Master Fund. The “share of total income” listed on the 990 put Yale’s investment at $68.57 million. According to court documents, Cyrus Capital’s total stake in COFINA bonds is $94.1 million.

As part of the senior COFINA bondholders’ coalition, Cyrus has aggressively demanded full repayment for its bonds, even as hurricanes Irma and Maria ravaged Puerto Rico and left it even more unable to repay its debts. COFINA bondholders have been fighting in court with other creditors to get first in line for repayment.

When researchers discovered the Yale holding, they shared the information with campus groups and began to organize around it. But before they could convene a formal action, they learned that the CRS Master Fund sold its COFINA bonds in January for between $64.6 million and $68.5 million. In fact, Cyrus Capital sold its entire stake in the bonds and dismissed itself from the COFINA bondholders’ coalition. Since the researchers didn’t know the original purchase price, they cannot say what level of profit or loss this yielded the fund — or Yale.

“The campus community is not that big,” said Decker. “One plausible explanation is that they know we’re out there, and with people talking about Puerto Rico and debt so much, they were worried about the headlines.” Indeed, the sale came after Baupost had its Puerto Rico holdings exposed, and while endowment justice groups planned rallies to protest the Baupost holdings.

Cyrus Capital declined to comment.

Yale has previously enjoyed profits from distressed government debt. Bracebridge Capital, a secretive hedge fund in which Yale has staked over $1 billion in capital, was paid $1.15 billion after a 15-year battle over Argentinian debt, earning a 952 percent return on its initial investment. Yale itself made $300 million in profit on the Bracebridge deal in Argentina, a 660 percent return, according to the Yale graduate employee union’s research.

The story of Yale’s profit ended up on the front page of one of Argentina’s largest daily newspapers, Pagina 12. Decker surmises that the university didn’t want the same stories about profits from Puerto Rico’s misery to appear in U.S. media, so it sold off the debt before it could be highlighted.