Banks without PCA - why don’t you have one?

The title says it all. Secondaries transactions seem to be turning into one of the most lucrative services for investment banks. So why haven’t more firms launched a PCA team? I get that it’s a big lift to build something from scratch, but once the platform is up and running, it kind of runs itself and brings in solid fees.

I can think of a bunch of EBs and BBs that still don’t have PCA coverage (Perella Weinberg, Centerview, Deutsche, RBC, etc.)