Ralph Kruger

Ralph Kruger

Formal First Name

Ralph Kruger is the Founder and Managing Director of Arcstone Capital, the investment manager of the Mauritius-based Passage to India fund. He spent seven years in the Air Force and flew for American Airlines as captain of a Boeing 767 before turning to finance. Kruger wanted to invest his own money in India as he was attracted by the market's untapped potential combined with a surprising resemblance to United States markets.

Professional Experience

Academic History


  • Kruger flew in the Air Force from 1980 to 1987, first as a fighter pilot and then as support for an SR-71 spy plane. He said the experience gave him "very good insight on how governments interact."
  • He joined American Airlines as a commercial captain and flew to Rio, Sao Paolo, Buenos Aires, Bogota, and throughout Europe.
  • He also joined the Air National Guard and from 1989 to 1991.
  • Jet-setting around the world taught him a lot about emerging markets, and what to look out for as an investor, things like how inflation looks on the ground.