Hiring Investment Bank vs. Investor Relations Firm

Specific to companies looking to raise private capital, how does a investment bank differ from an IR firm? I've seen both manage road shows, document creation, investor outreach etc.

The fees seems to be flat fee based for IR firms, where as IB charge a hefty %.

Beyond the obvious answer that IB can offer bought deals and financial modelling, why wouldn't a company hire the cheaper IR firm option when raising private capital?

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