15/09/26
A major milestone for the company, and the largest exit from our first fund.
Our journey began in 2015 at seed stage, with a conviction that tourism could be built differently: around community, reciprocity and trust, supported by patient capital.
That conviction has carried us through a transformative acquisition across the Atlantic, successive acquisitions and the arrival of ISAI in 2021. Behind each step were ambitious decisions, exceptional execution and a shared commitment to building for the long term.
HomeExchange’s strength grows with its community. Every new home opens up more possibilities for members. Every successful exchange strengthens trust and encourages the next one. Together, these network effects create something that takes years to build: a community whose value extends well beyond the platform itself.
Thank you, Charles-Edouard Girard and Emmanuel Arnud, for your vision, your determination and the trust you have placed in us over the years. And congratulations to the entire HomeExchange team: your work has turned a bold idea into a global leader while keeping the community at its heart.
For Ternel, this transaction is a major milestone for Fund I. It has now returned more than its entire paid-in capital to investors — with significant value remaining in the portfolio. It reflects our belief that patient capital and meaningful change can deliver strong investment outcomes.
The journey continues. We are reinvesting alongside the founders and Verlinvest, whose long-term approach matches the ambition ahead.
Our conviction remains: HomeExchange has the potential to become a generational company, and we are proud to continue helping build it.