Understanding PE fund reinvestment

My understanding is that one of the many decisions PE fund managers have to make is whether to return capital to LPs or reinvest returns (is this the same as "recycling"?) and buy more assets (thereby theoretically generating more returns for the fund). Presumably there must be permission to do this in the LPAs, and limits (time and amount(?)) What are pluses and minuses? What percent of PE funds reinvest capital?

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