Australian hedge fund shop Basis Capital Management, one of the first hedge funds to collapse due to the credit crisis, has returned most of what is left of its Pac-Rim Opportunity Fund to investors.

The firm is set to send out its fourth payout to investors, Bloomberg News reports, totaling US$34 million. The fund, which investors voted to close last year, was one Basis’ largest with US$570 million in assets under management. Following this latest distribution, Basis will have returned about 90% of Pac-Rim’s remaining capital.

Investors in another Basis fund have not been so lucky: The firm said it is “unlikely” to lift its redemption suspension on its Yield Alpha Fund, which filed for bankruptcy two years ago.

“We are moving as quickly and practically as possible with legal and audit advisors to wind down the fund to enable orderly liquidation,” the firm said in the latter.

“The value of the structured credit portfolio has now been practically exhausted, and given that the ongoing costs of holding the securities may shortly exceed future anticipated cash flows from those securities, it is the investment advisor’s view that there is little continued benefit to investors in continuing to hold the structured credit assets.” Basis said it would seek to sell the remaining structured-credit portfolio.