"Most of our transactions are being driven by balance-sheet recapitalizations or refinancings -- companies that have something interesting to do and aren't ready to sell and need some capital," explains Beth Laschinger, a principal at Cyprium Investment Partners LLC, in this video interview with The Deal Pipeline's Matt Miller at the Association for Corporate Growth conference in Los Angeles this week. "Historically, we saw more of a change-of-control bet, companies that were acquiring a competitor, and that type of dealflow just hasn't been as prevalent this year." For more from the conference, watch "The Wild Card in Chinese Outbound Investment," Miller's video conversation with Hanson Li, a managing director at Hina Group Inc. - Mary Kathleen Flynn