A Perpetual-Life Non-traded BDC is a non-traded BDC that does not contemplate a liquidity event in its prospectus or private placement memorandum. Perpetual Life Non-traded BDCs usually provide some liquidity through a share repurchase program. However traditionally most non-traded BDCs have been finite life meaning that their prospectus or PPM specifies a time period(usually 5-7 years), after which the fund will seek liquidity through an IPO or merger . However in recent years several prominent sponsors have launched perpetual-life BDCs.
See also:
Finite vs. Perpetual Non-traded BDCs An Educational Primer