Raymond Field Kravis (1901-1993) was born in London, England, and raised in Atlantic City, New Jersey. He developed a work ethic early from two working parents. After receiving an Engineer of Mines degree from Lehigh University, Kravis moved to Tulsa, Oklahoma, in 1924. He borrowed money to purchase stock just before the Crash of 1929, and spent five years repaying his debt to clear his name.
He started Raymond F. Kravis & Associates in 1935, which became one of the leading oil and gas consulting firms in the U.S. Kravis’s many honors included recognition of his advancement of engineering, as well as his generosity. He practiced philanthropy throughout his life, retiring in 1987 to devote most of his time to charities.
Kravis and his wife, Bessie Roberts Kravis, wintered in Palm Beach for more than 35 years and were long-time supporters of the Palm Beach Festival of the Arts. In 1985, a group of his friends, led by Alexander W. Dreyfoos, Jr., donated more than seven million dollars in Kravis’ name to build a performing arts center in West Palm Beach. By the time the Raymond F. Kravis Center for the Performing Arts opened in 1992, contributions in his name totaled more than $10 million. Although his offer to help fund the building was refused, Kravis and his wife later donated $1.6 million to start an endowment.
A friend said of Raymond Kravis, “No one ever enjoyed his philanthropy more.”