Northleaf profitably exits US toll road Northwest Parkway

TORONTO, CANADA (February 28, 2024) - Northleaf Capital Partners (“Northleaf”), a leading global private markets investment firm, today announced that it has signed an agreement to sell its 43.3% stake in Northwest Parkway (“NWP”), a Denver-based toll road project, to VINCI Highways, a subsidiary of VINCI Concessions, part of the VINCI Group, a global concession operator and construction company headquartered in Nanterre, France and listed on the Paris Stock Exchange. Funds managed by Northleaf are divesting their stake alongside the firm’s investment partners in a joint sale of 100% of the equity interest in NWP.

NWP is a ~9-mile toll road located in Denver, Colorado. Originally constructed in 2003 and operating under a 99-year concession agreement, NWP comprises the northwest quadrant of the Denver Metropolitan area beltway. Among other purposes, the road serves as a vital connection between Northwest Denver and the Denver International Airport. Northleaf infrastructure funds initially acquired their NWP ownership interest in 2017 and subsequently increased their ownership stake in 2023.

“Northleaf’s successful exit from Northwest Parkway showcases the benefits of our infrastructure strategy and our focus on mid-market infrastructure assets with stable cashflow profiles, strong yield and inflation linkage,” said Jamie Storrow, Head of Infrastructure at Northleaf. “The ability to proactively source, prudently manage and opportunistically exit core infrastructure assets to deliver attractive returns for our investors is a hallmark of our investment approach.”

Closing of the transaction is subject to customary conditions and approvals and is expected to take place in Q2 2024.

Northleaf was advised on the transaction by Evercore (financial), Kirkland & Ellis (legal), C&M (traffic & revenue), KPMG (tax & accounting) and Arup (technical).


About Northleaf Capital Partners

Northleaf Capital Partners is a global private markets investment firm with more than US$24 billion in private equity, private credit and infrastructure commitments raised to date from public, corporate and multi-employer pension plans, endowments, foundations, financial institutions and family offices. Northleaf’s 250-person team is located in Toronto, Chicago, London, Los Angeles, Melbourne, Menlo Park, Montreal, New York and Tokyo. Northleaf sources, evaluates and manages private markets investments, with a focus on mid-market companies and assets. For more information on Northleaf, please visit



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