What do Advisory Firms do in Debt Capital Markets? E.g. PJT, Moelis, Evercore? They do not have balance sheets

Trying to get more color on the business model for a Debt Capital Markets / Advisory Groups at the Advisory Firms.

How much value do they add to the deal process? There is no balance sheet to leverage.

Any views on culture at PJT, Moelis, and Evercore specifically in Debt Advisory teams

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