There’s nothing like a near-fatal collapse of the global financial system to reveal true talent.

The tectonic shift that took place amid the credit crisis wiped some hedge funds off the map entirely and left others seriously diminished. Those remaining are now in a class of their own, and the innovative teams behind these hedge funds not only deftly navigated the crisis but largely profited from it.

New terrain, of course, means new opportunities — and a fresh set of pitfalls. It’s against this transformed background that Institutional Investor set out to identify the hedge fund industry’s rising stars, those who are charting a course to success through one of the industry’s most volatile periods.

In compiling the 2010 Hedge Fund Rising Stars, II’s editorial team spent three months researching the emerging talent in hedge funds, as identified by the industry in response to a call for nominations in March, as well as uncovering those players who typically operate under the radar.

Admittedly subjective, our lineup includes 31 people, listed alphabetically, who we believe are among the up-and-­comers in the hedge fund world. You’ll find out more about key players and the traits some have in common. Six are graduates of the University of Pennsylvania’s Wharton School, for example, three have close ties to Tiger Management Corp., and at least two have served in the military. And one feat is true of them all: They outmaneuvered their peers amid the most extreme market turbulence since the Great Depression, and their stars are still rising.