Emerging markets specialist private equity investor LeapFrog Investments has partially exited its stake in IFMR Capital, an India-based provider of capital market access to financial institutions serving low-income consumers. The exit is part of a larger deal in which Eight Roads Ventures, the proprietary investment arm of United States-based Fidelity International, will invest up to US$25 million in the company. LeapFrog, which first invested in IFMR Capital in 2014, will continue to be the company’s largest independent shareholder. The partial exit represents LeapFrog’s first realization from its second fund.