The hedge fund industry clearly creates great riches for those who participate in it. Giving some back, to the industry or the community, is no less important for many of those with a lot to give. The 2012 Hedge Fund Rising Stars lineup contains more than a few examples of individuals engaged in charitable largesse. Simon Krinsky, a partner at fund-of-hedge-funds firm Hall Capital Partners, is a board member of an organization that works with low-­income high school students, providing year-­round mentoring and summer travel opportunities and adventures, as well as access to university campuses and other learning environments. Jason Karp, co-chief investment officer of hedge fund firm Carlson Capital, has created scholarships in his parents’ names for both his high school and his university, providing aid to students who otherwise could not afford the cost of tuition. Howard Shainker, co-­founder of hedge fund firm Bow Street, sits on the advisory board of a not-for-profit organization that defends environmental and human rights.

Of course, philanthropy is not always an indicator of virtue. Yet Krinsky, Karp and Shainker are not alone in trying to make a positive difference in their industry, their community and, often, the larger world.

Our search for this year’s Rising Stars began with a February call for nominations. These were vetted by ­Institutional Investor’s editorial staff based on additional research, reporting and observations. More names were solicited and vetted in turn. Every year the bar to inclusion on the list gets higher, and this year’s roster, II’s third annual, is no exception.

Six members of this year’s list work as investment officials of pension plans or endowments, including two — ­Carrie Lo and Neil ­Messing — who went from working in the private sector, at hedge funds or funds of hedge funds, to the public sector, where they are helping public pension funds in ­California and New York make their first hedge fund commitments. If hedge fund investing helps preserve capital and grow the returns of pension funds, endowments and other long-term capital pools, then they really can achieve a greater good.

With additional reporting by Ben Baris.