Community Foundation of Richmond

The Investments Committee, chaired by Krissy Gathright (retired COO of Apple Hospitality REIT), oversees asset allocation and manager selection. A portion of the foundation's assets is managed externally by the University of Richmond's Spider Management Company under a partnership arrangement, giving the foundation access to institutional portfolio construction typically reserved for university endowments.

The foundation invests across public equities, fixed income, hedge funds, private equity, and real estate. It uses a hybrid structure: some assets are managed internally or through direct fund commitments, while a significant pool is allocated to Spider Management Company, the investment office of the University of Richmond, which manages those assets alongside the university's endowment.

It is a community foundation — a public charity that pools donor contributions into a permanent endowment for the Richmond and Central Virginia region. Unlike a family office, it serves hundreds of donors and charitable funds, with governance provided by a community-based board including local corporate and civic leaders.

The foundation primarily commits to external funds across asset classes, functioning as a fund-of-funds and direct fund investor. It also holds direct real estate, including its headquarters property at 7501 Boulders View Drive. There is no public evidence of direct co-investments or SPVs alongside fund managers.

The foundation operates several affiliate community foundations spanning Central Virginia, including the River Counties Community Foundation, Gloucester Community Foundation, Mathews Community Foundation, Middle Peninsula Community Foundation, and Northern Neck Community Foundation. These affiliates maintain local advisory boards while pooling assets under the central foundation's investment and administrative structure.

The foundation has an endowment management partnership with the University of Richmond's Spider Management Company. This is not a parent-subsidiary relationship; rather, the foundation contracts with the university's investment office to manage a portion of its assets, leveraging Spider's institutional capabilities in alternative asset classes and manager access.

Sherrie Armstrong became President and CEO in 2015 after serving as CEO of United Way of Greater Richmond. Under her leadership, the foundation has grown to over 1,000 charitable funds and deepened its civic partnerships, including board service with Venture Richmond and ChamberRVA Regional Leadership Circle membership.