I don't know if we target recent graduates, per say, but we do have a lot of young alumnae. I graduated in May 2002...and we have a girl who graduated more recently than that.
I think what helps us out is that we offer an activity that a variety of people could enjoy. For example, in March our event was a wine tasting. We've also gone to baseball games. That one even had some young children at it, but us younger girls didn't mind.
I know one of the other alum. associations in the area (Kappas I think) did a manicure/pedicure day. That's definitely one for all ages. Who doesn't want to be pampered?