- **Recycling does not usually increase the management fee base by itself.**
- In Cornerstone, fees are typically based on **committed capital during the Investment Period**, then often step down to **invested or net invested capital** later: https://decilehub.com/base/1-general_questions/164539-how-does-the-cornerstone-lpa-handle-management-fee-step-downs-between-the-investment-period-and-post-investment-period

- The **Recycled Amount** instead increases an LP’s **Unused Capital Commitment** after that LP has received distributions equal to its contributions, up to the elected cap. It is a **recall right**, not a higher headline commitment: https://decilehub.com/base/1-general_questions/164012-what-is-the-recycling-provision-in-cornerstone-lpa-and-what-limits-apply-to-recycling-management-fees-or-early-distributions-back-into-follow-on-investments

- Explain to LPs as:
- commitment = baseline obligation
- recycling = limited reuse of returned capital
- economic exposure can exceed the “one-time funded” amount, but only within the LPA cap and mechanics