HICL Infrastructure is selling 30% of its stake in the Northwest Parkway toll-road project in the US (NWP) for $86m (€78m).

The InfraRed Capital Partners-managed infrastructure fund said it will retain a 23.3% equity interest in NWP and preserve its governance rights at the asset level board.

The Northwest Parkway is a part of the Colorado highway system, connecting E-470 at I-25 in the north metro Denver area, with US 36 in Broomfield, Colorado.

HICL invested in NWP in December 2016 and held its stake at the time alongside DIF Capital Partners and Northleaf Capital Partners funds.

The London-listed infrastructure fund said proceeds from the transaction will be recycled into the company’s investment in French fibre-to-the-home platform Altitude Infra which was announced earlier this month.

Edward Hunt, the head of core income funds at InfraRed, said: “Active capital recycling remains a key lever to optimise HICL’s portfolio construction, providing a valuable source of funding beyond capital markets that compounds returns for shareholders and drives NAV outperformance.”

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