Should I take this position?

For context, I’ve never been in higher Ed, but I’m a government official with a pretty high profile who has been offered a job with a major university to run a new program for grad students. The position would be 50% fundraising and admin, and the rest would be teaching classes. I would not be tenure track as I don’t have a Ph.D, but my past earnings history is upward of $300k per year in private sector (before government service). Pay is listed as being $200k. I see this as something I would do for no more than 5 years before retiring. I’m not worried about the pay issue but I’ve very concerned about the fundraising portion. How common is it for people in higher Ed to have to raise money for their school? How is success measured?