The FSA, Capita Financial Managers, BNY Mellon Trust and Depositary and HSBC have all contributed to the package.
This will be used to make payments to eligible investors as a way to return part of their investment.
The sum is estimated to be 70 per cent of the published net asset value of the Arch cru funds at the time of suspension of dealing in March 2009.
CF Arch cru funds were suspended on the grounds of insufficient liquidity. It consisted of CF Arch cru Investment Fund, CF Arch cru Diversified Fund and various sub-funds.
At the last published valuation, the Investment Fund was valued at £113.1m and the Diversified Fund was valued at £35.8m.
Investors will have the choice whether to accept the offer of payment and if they accept, it will be in full and final settlement of any claims or remedies they may consider they would have against the firms.
The FSA say it is considering the role of other parties in relation to Arch cru funds.
Capita Financial Managers will be contacting relevant investors by the end of August.