Citigroup has extended a half-billion dollar lifeline a group of its hedge funds rocked by the credit crunch.

The Wall Street giant said late Friday that it has provided a $500 million line of credit to its Falcon Strategies hedge funds. The bank has also consolidated the funds’ $10 billion in assets and liabilities on its own balance sheet.

The Feb. 20 decision comes after the funds lost approximately 30% last year. A new, levered version of the Falcon funds plummeted by more than 50% in its first three months of trading.

The hedge fund bailout is the second for Citi in as many months: The bank propped up its CSO Partners fund last month with $100 million, after suspending withdrawals.