Billionaire David Tepper is planning to return money to investors after more than two decades of running his hedge fund, according to a person familiar with the matter.

Tepper, the founder of Appaloosa Management, hasn’t made a final decision on the timing, the person said. A large portion of the firm’s $13 billion in capital belongs to Tepper, who is planning on converting Appaloosa into a family office.

Tepper, a former Goldman Sachs Group Inc. trader, started his hedge fund in 1993 and made savvy bets in credit markets. Last year the 61-year-old bought the Carolina Panthers football team, paying a record amount for a U.S. sports team. He follows a long list of hedge fund veterans who have left the industry in the last several years, including Blue Ridge Capital’s John Griffin.

A spokesman for Appaloosa declined to comment.