That’s two big wins for private equity this year. Earlier, Apax Partners acquired Epicor and Activant and melded the two together in a company largely led by Activant’s management. Equity investors also own Consona, which markets Made2Mange, and Infor, which seems to own everything under Tier 1 that Oracle didn’t buy. Why is private equity winning? I'd guess that public money is constrained by the volatility of the stock market since the recession and that the private equity pool can attract investors looking for better returns than they can get in the public markets.