NEW YORK(Reuters) - Giving back to their communities has always been a challenge for pro athletes who get rich quick, because they tend to lose the money even more quickly. But even those who manage to build a substantial amount of wealth have a hard time using it charitably in a way that truly has a long-term impact.

Some celebrity athletes are turning to "impact investing," a growing niche of do-gooder strategies that aim to put money toward charitable causes but that would otherwise lack support. Fund managers, of course, also aim to generate income in the process.