A fund controlled by ArcLight Capital Partners LLC has taken a minority stake in the largest natural gas pipeline serving the high-demand Chicago-area market, as well as liquefied natural gas (LNG) export terminals along the Gulf Coast.

Kinder Morgan Inc. (KMI) and Brookfield Infrastructure Partners LP on Tuesday said they agreed to sell a 25% interest in Natural Gas Pipeline Company of America LLC (NGPL) to the ArcLight fund for $830 million. The proceeds would be split between KMI and Brookfield.

“We believe this investment shows the value of natural gas infrastructure both today and in the decades to come,” said Kinder Morgan’s Tom Martin, president of Natural Gas Pipelines.

The value of the minority interest implies an enterprise value of around $5.2 billion for...