From GameWatcher: “Remedy Entertainment has announced that it’s rebooting its cooperative, free-to-play multiplayer game project codenamed Vanguard, which will now be known as Project Kestrel and will be developed as a “premium game with a strong, cooperative multiplayer component”.
In December 2021, Remedy formed a partnership with Tencent, securing funding for their project’s development. However, given the volatile nature of the free-to-play market and its frequent shifts, both parties have re-evaluated and are considering a new direction for Kestrel.”
Source: N4G PC Remedy's Project Vanguard rebooting as Kestrel, a "premium game with strong cooperative multiplayer"