Alice Warner Handy

Way too soon for all who knew and loved her, the life of Alice Warner Handy came to a close in the early evening of May 30, 2023 at Martha Jefferson Hospital in Charlottesville, Virginia, her husband and three children at her bedside. Alice had a wonderful life and a long and consequential career. She was the first investment officer for the University of Virginia endowment. After her tenure at UVA she became a pioneer in the field of outsourced endowment management when she founded the firm Investure. And earlier in her career she had the honor to serve as the first woman state treasurer of the Commonwealth of Virginia.

Born to Carleton and Ruth Lees Handy on April 17, 1948 in Wilmington, Delaware, where her father was a research chemist for Dupont, she was the second of three daughters born to the couple. She graduated from Brandywine High School in 1966 where she participated in the marching band as a majorette. She then matriculated at Connecticut College for Women in New London Connecticut graduating in 1970 with a degree in economics.

Following graduation Alice found employment in the bond department at Travelers Insurance in Hartford, Connecticut, which was her first professional experience in the investment world. In 1974 she came to Charlottesville when her first husband, William Gerow, enrolled in a graduate program at UVA. The move proved fortuitous for Alice and the University. She was hired as the investment officer for the newly created UVA Endowment, a position she would hold for the next twenty-nine years except for a period 1988-1990 when she was on leave to serve as the state treasurer in the administration of Governor Gerald Baliles.

During these years UVA experienced an exciting period of growth and development. The University's endowment was part of this growth. During Alice's tenure the endowment grew from $50 million to $2 billion. These were impressive numbers for their time and set the course for the future returns the endowment has enjoyed since. During this time, the structure of the endowment itself changed. The UVA Endowment was reorganized as the University of Virginia Investment Management Company (UVIMCO). Alice became the first president of UVIMCO. She also had held the title of Treasurer of the University since her return from serving as state treasurer.

Recognizing the need for full-service endowment management for smaller colleges and foundations who couldn't afford their own investment office, Alice left UVA in 2003 to found Investure, a firm established to provide such services on an outsourced basis. Headquartered in Charlottesville and starting with the endowments of Smith College and the Landmark Foundation and various entities related to Landmark's founders, the Batten family, Investure proved to be a successful model for smaller institutions. Ultimately the firm gained Middlebury, Dickinson, Julliard and many other colleges and foundations as clients. Alice served as President and CEO of Investure until her retirement at the end of 2018.

Alice served on many boards and committees. In the early 1990s she was asked to serve on the investment committee of the Thomas Jefferson Foundation, which owns and operates Monticello. Originally recruited to assist in the establishment of an endowment, Alice was elected to the board of trustees in 1998 and served as chair 2006-2009. This was a period of unprecedented development and expansion resulting in the construction of the Thomas Jefferson Library, and the new Visitor Center as well as the establishment of the International Center for Jefferson Studies, the Retirement Series of the Papers of Thomas Jefferson and the acquisition and development of the Robert H. Smith Center at Montalto. Alice had a thirty-year association with Monticello, and she served on the investment committee until her passing.

Alice served on the Governing Council of the Miller Center at UVA from 2014 to 2022. She served as chair 2018-2020, during which time the Center launched the 2019 Presidential Ideals Festival, a signature event in UVA's bicentennial celebration. She and her husband also helped endow the James Lehrer memorial lecture, an annual event honoring leading journalists.

A long-time supporter of Focused Ultrasound Foundation, Alice served on their investment committee and Council.

Earlier in her career she served as a board member and chair of the Municipal Securities Rulemaking Board (MSRB), and she served on the boards of MSCI, Bessemer Securities, New Mountain Finance Corporation (NMFC), Connecticut College, and American Friends of the National Gallery of London, and on the investment committees of the Smithsonian, the National Trust for Historic Preservation and St. Jude's Hospital. She also served on the boards of the United Way, the Charlottesville Area Community Foundation and other local organizations.

Alice's husband of 34 years, Peter Stoudt survives her as do three children and their families: Nicholas Gerow and wife Heather Boe and their children, Lila, Ella and Pepper of Charlottesville, VA; Jennifer Gerow Garstka and husband Stan and their children George and Ruby of Brooklyn, NY; Abigail Gerow Silvestro and husband Tyler and children Alma and Edna of Richmond, VA.

Alice's sister, Margaret Handy Isenberg of Tacoma, WA survives her along with her husband Robert and children Robert Krabill and his wife Stacie of Tacoma and daughters Eleanor and Anna; Richard Krabill of Redlands, CA; Alice's younger sister, Carol Handy, also survives her and lives in Tacoma, WA.

Also, four brothers-in-law and their families survive Alice: Stephen Stoudt, his wife Marilyn of Reseda, CA and their daughter Coral, her husband Robert Sherman and granddaughter Hannah of McKinney, TX; Todd Stoudt, his wife Debbie of Chesterfield, VA and their son Skyler, his wife Jennifer and granddaughter Noelle of Chesterfield, VA and their daughter Hailey of Great Falls, VA; Matthew Stoudt, his wife Michele of Arlington, WA and their son Chase and granddaughter Hannah of Coralville, IA and their daughter Ana, her husband Chris and grandson Ronan of Alexandria, VA; Jeff Gerow, his wife Susan of Winthrop, MA and their son Daniel, his wife Melda of Boston, MA; and their son Peter of Winthrop, MA. Cousins, many on Cape Cod, survive her along with her close friends everywhere.

Alice was a lovely person with an unforgettable signature smile. She had a knack for doing and helping others do. Alice was not only an accomplished investment professional, innovative and calm leader and mentor, but she was a wonderful wife, mother and friend. She was authentic and by her very nature she made a difference in the world. She leaves a very real and useful legacy.

Friends are invited to a celebration of Alice's life at Montalto, overlooking Monticello in Charlottesville, Virginia on Sunday, September 10 at 3 p.m. Parking will be provided at the David M. Rubenstein Visitor Center (931 Thomas Jefferson Parkway, Charlottesville, Virginia). Shuttle buses from the Visitor Center to Montalto will begin at 2 p.m., with the last shuttle departing at 2:50 p.m. Please dress comfortably.