An LPA provision allowing the GP to redeploy realized capital from early exits back into new investments rather than distributing it to LPs — effectively reusing committed capital and increasing the fund's gross deployment relative to commitments. Typically capped (e.g., recycling permitted for exits within the first 18-24 months post-close, up to 20-25% of committed capital). Increases effective deployment and gross returns but extends LP capital lock-up and creates IRR drag. Visible in funded-vs.-called numbers: a 'fully called' fund may show paid-in capital at 95-100% of commitment with recycling, vs. >100% without it.