We hope everyone had a good Labor Day and is easing back into the swing of things. There was considerable excitement around our office this summer, as we added several new team members (detailed later in this newsletter) and tracked Christopher Nolan’s ‘The Odyssey’ dominating the box office; we’d like to think our version of an “Odyssey” is less of an arduous, twenty-year struggle, and more about representing top-tier client firms and helping investment and IR talent with their career journeys. Regardless, we’ll take the fun connection and brand awareness!

It’s also been an exciting time in alternative investments over the past few months. Broader alternative investment fundraising for 2026 surpassed $100 billion this summer, driven largely by real estate and infrastructure strategies.¹ Total secondary market volume for H1 2026 exceeded $120 billion, representing a 19% increase year-on-year.² And global hedge fund industry capital reached $5.6 trillion in Q2 2026, representing record-breaking growth and a 15th consecutive quarter of expansion for the asset class.³

Also on our minds this summer is honing in on junior talent just entering the industry. On-cycle for the private equity Associate class of 2028 has not yet taken place. It’s still unclear when it’ll officially kick off, but we’re confident it’ll continue to hold off, potentially taking place later in Q4 2026, if not early in the New Year.

This newsletter touches upon the latest class of finance talent entering the industry, based on data from 2026 first-year IB Analysts on where they see their careers heading next, where we’ve had nearly 1,700 survey respondents. This year’s class has its own defining elements: interest in recruiting on-cycle nearly doubled year-over-year, loyalty to finishing out the 2- or 3-year program rebounded, and they’re one of the strongest classes academically in recent years. Private credit dropped in popularity as a top career choice for the first time since we started tracking it, and interest in AI/corporate development roles rose. Analysts are weighing brand and culture well above compensation when they think about their next seat.

As this year’s Analyst class charts its own course, whether it be on-cycle or off-cycle, we’re glad to be along for the journey with them. And as always, we’re happy to be a resource for any firms thinking through how these trends might shape their own recruiting and retention strategy.

Wishing everyone a productive fall.

Odyssey Search Partners

¹ Nicholson, Mari. “Alts Fundraising Tops $104B Through July, Down 12% on Credit Slump.” AltsWire, 25 August 2026.

² “H1 2026 Secondary Market Review.” Evercore, July 2026.

³ “Global Hedge Fund Industry Report 2026 Q2.” Hedge Fund Research, 24 July 2026.