Morningside Capital is pleased to announce the successful realization of its convertible NAV loan investment in Project Turret. In January 2022, Morningside invested US$20m to support the geographic expansion of a US middle market PE sponsor's core portfolio company. The investment was guaranteed by a portfolio of affiliated private market assets. Due to the strong performance of the portfolio company, Morningside made follow-on investments to further support its growth. In March 2025, the sponsor executed a refinancing transaction which resulted in the full realization of Morningside's investment. Morningside participated in the upside of the portfolio company through the conversion feature of its investment.