American Capital Strategies (ACAS) is the largest publicly traded private equity fund in the U.S. The company has invested $12 billion in debt and equity securities in 219 small to mid-sized companies. ACAS is a limited partnership and is not subject to federal income tax on the portion of income and capital gains distributed to shareholders. ACAS shares have declined from a high of 50, because investors misunderstood an accounting change and are concerned about the effect of the banking crisis. The company must now comply with accounting statement 157 issued by the Financial Accounting Standards Board. Statement 157...
