# Community Foundation of Richmond

Community Foundation of Richmond is an Endowment / Foundation based in Richmond, United States.

## Overview

- **Organization type:** Endowment / Foundation
- **Headquarters:** Richmond, United States
- **Region:** North America
- **Address:** 7501 Boulders View Drive, Suite 110, Richmond, VA 23225, United States
- **Founded:** 1968
- **Assets under management:** $850M–$900M (Altss estimate)
- **Website:** cfrichmond.org
- **LinkedIn:** https://www.linkedin.com/company/the-community-foundation

## Regulatory record

- **Reports private funds:** No

## About

Founded in 1968, the Community Foundation Serving Richmond and Central Virginia channels collective giving into a permanent endowment for the region. It was built by local families and corporate leaders, including early influence from figures like retired Dominion Resources CFO Tom Chewning and Markel Group CEO Thomas S. Gayner, who served as board chair. Today it administers donor-advised funds, scholarship programs, and a perpetual unrestricted pool. The investment strategy spans public equities, fixed income, hedge funds, private equity, and real estate. The foundation's committee, chaired by Krissy Gathright — retired COO of Apple Hospitality REIT — oversees allocation decisions. A notable structural feature is the endowment management partnership with Spider Management Company, the investment office of the University of Richmond, which runs a portion of the foundation's assets alongside the university's own $3 billion-plus endowment. The foundation also directly holds commercial real estate, including its headquarters at 7501 Boulders View Drive. Beyond the Spider relationship, the foundation operates several affiliated geographic funds including the River Counties Community Foundation and the Gloucester Community Foundation, extending its reach across Central Virginia. Sherrie Armstrong joined in 2015 after leading United Way of Greater Richmond; her board includes Keith Middleton of Fahrenheit Advisors and Jayme Swain of VPM. The foundation is a Regional Leadership Circle member of ChamberRVA, and Sherrie Armstrong serves on the board of Venture Richmond, anchoring the organization's civic footprint. Structurally, the foundation functions as a hybrid: a community foundation with a large pooled endowment managed in part by an external OCIO model under the Spider arrangement. This gives it institutional-grade portfolio construction rare for community foundations of its size, with access to alternative asset classes typically reserved for university endowments. Governance sits with a local board, keeping deployment tethered to regional priorities rather than a centralized investment committee in a distant city.

## Sectors

- Real Estate
- Private Equity
- Hedge Funds
- Public Equities
- Fixed Income

## People

- Sherrie Armstrong — President and CEO
- Krissy Gathright — Investments Committee Chair
- Farhad Aghdami — Former Chairman of the Board of Governors
- Mark Sisisky — Member of the Board of Governors
- Tom Chewning — Former Chairman

## Questions

### How is the Community Foundation's investment portfolio structured?

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.

### Does the foundation make direct investments or only fund commitments?

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.

### What are the foundation's affiliated geographic funds?

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.

### How is the foundation connected to the University of Richmond?

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.

### What is Sherrie Armstrong's background before leading the foundation?

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.

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Updated: 2026-07-08T21:53:44.163Z

Canonical page: https://altss.com/profile/community-foundation-serving-richmond-and-central-virginia

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