Chip Wilson, the billionaire founder of Lululemon, is finalizing a new investment vehicle targeting the athletic apparel sector, Bloomberg reported. Wilson, whose fortune is estimated at $7.2 billion, has begun recruiting a team for the Vancouver-based project. Since exiting Lululemon’s leadership, he has become an active investor in sports brands, holding an approximately 21% stake in Amer Sports, parent of Arc’teryx and Salomon. Wilson founded Lululemon in 1998 and took it public in 2007. He stepped down as chairman in December 2013 following controversial comments and sold a 13.85% block of his Lululemon stake in 2014. He has since remained critical of the company’s board strategy.

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