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I have a question about the usage of "invest something with somebody/something" here:

Three Louisiana public pension funds invested a total of $100 million with a Fletcher fund in 2008, based an offer of a minimum annual return of 12%, backed by the shares of another investor.

I looked up dictionaries, but the definitions, similar to this one, don't fit the usage in the WSJ example. Could such a usage of "invest something with somebody" be wall street jargon ?

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The definitions you're looking at are for the phrasal verb "invest with." In this context, you're not looking at a phrasal verb; you're looking at a verb, plus a prepositional phrase.

This sentence is using the more common modern definition of "invest," which your source gives as:

to use your money with the aim of making a profit from it, for example by buying property or buying shares in a company (Macmillan)

The most common preposition to use with "invest" is "in." When describing the actual investment--the thing you are "buying" with your money--you would use "in."

I invested all of my savings in stock, so when the stock market crashed, I was ruined.

It is common to use "with" after "invest" to describe a person or firm that handles the investment for you; a brokerage, for instance.

I do all of my investing with the firm of Glopman, Wade, and Pummelo.

This is similar to the way English speakers refer to banks:

I bank with MegaBank PLC.

The quote you give is discussing a mutual fund, which is a sort of a hybrid: it is often treated like a stock:

I am going to invest all of your retirement money in our firm's most popular mutual fund, the Implausibly Dangerous and Unregulated Fund.

On the other hand, what a mutual fund actually is is a pool of money someone else invests in actual individual investments, so it makes some sense to say:

He invested everything with the I.D.U. Fund, and he's confident it'll bring him in a solid return.

To summarize: when discussing a mutual fund, either "in" or "with" is idiomatic.

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