As we begin summer 2023, a lot of uncertainty remains: the pattern of interest rate hikes and inflation, the looming specter of global conflicts, and when the next wildfire will render post-apocalyptic skies giving NYC the worst air quality in the world. What remains predictable every year are the concerns Private Equity firms have about bringing on junior talent. We start this newsletter by expanding on the process of on-cycle recruiting and share views on how it’s evolving and how that will affect the Private Equity Associate class of 2025.

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In the hedge fund world, a power shift has been taking place between the single-manager and multi-manager worlds. Most of what has been written is centered around performance and assets, but how do investment professionals feel about these changes, and might it affect the decisions they make regarding their careers?

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Finally, more people may be back in the office (NYC now reports 50%+ occupancy)^* but with July 4^th around the corner, many are thinking about vacations and time away from the office. We explore the concept of “workcation” and how the lines between remote work and vacation time are becoming increasingly blurred.

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We hope you enjoy your summer – ideally with some time that involves sand and a cocktail!

The Odyssey Team

*Constantz, Jo. “New York Office Occupancy Breaks 50% for First Time since Pandemic Hit.” Bloomberg.com, 12 June 2023