Comprehensive capital campaigns are used throughout the nonprofit sector and are a particularly important fundraising mechanism for institutions of higher education. These campaigns typically have goals ranging from the millions to the billions and last anywhere from 2 to 5 years, sometimes longer. This explanatory sequential mixed-methods case study examined employment fluctuation during a 7-year capital campaign at a foundation for a university in the Southwestern United States. Specifically, we used three methods to reconstruct and explain employment fluctuation (quantitative analysis, document review, and key informant interviews). Employment did indeed fluctuate throughout the campaign: most new hires occurred in the beginning of the campaign and most terminations occurred toward the end. Senior fundraisers were terminated at a greater rate. Most of the exiting employees transitioned to jobs in the traditional nonprofit sector or continued in higher education fundraising. Potential reasons for and implications of the turnover are discussed.