The New Piper Aircraft is a subsidiary of American Capital Strategies, a buyout and mezzanine fund with capital resources of nearly $5.5 billion. The company is a general aviation manufacturer that offers a complete line of aircraft. The New Piper s fleet of aircraft includes planes that are rated for business and professional, personal and training uses. The business and professional fleet includes the Meridian, with a Pratt & Whitney engine and a maximum cruising speed of 260 knots; Mirage, featuring a Lycoming engine; and Seneca V, equipped with a Teledyne Continental engine. The line of personal aircraft includes the Saratoga II TC and HP; Piper 6X and 6XT; and Archer III. The Seminole, Arrow and Warrior III are trainer aircraft that feature Lycoming engines and cruising speeds that range from 115 knots to 162 knots.