"The Initiative may be working on an existing IP" When [Gallagher] left Activision we started talking about what he wanted to do next. I think he really loved his time with Crystal Dynamics and working on Lara Croft and Tomb Raider, kinda reworking some of that franchise. We were talking about some things in our past that might be interesting. Nothing to announce yet, but just some things he might want to work on." Could their 1st game be Perfect Dark?
The good news is that The Initiative will not be forced to work on a single IP like 343 and The Coalition "The foundation we have in place for The Initiative is unique in many ways. We’ve been given the freedom to explore, try new things and operate like an independent studio, with the backing from one of the biggest companies in the world to do something bold and different."
https://news.xbox.com/en-us/2018/06/10/e3-2018-microsoft-studios-opens-the-initiative/