US investment king Bill Ackman is set to capitalise on his growing fame by shaking up the funds management industry with plans to raise a record-breaking $US26 billion ($39 billion) for a fund pitched to retail investors on a radical fee structure.

A prospectus lodged with the US Securities Exchange Commission last week shows the Pershing Square USA Fund will never charge performance fees, and zero management fees for its first 12 months, as it readies a New York Stock Exchange listing.