The middle blocker was named to the 12-player roster.
Penn State and UCLA reportedly become the first two athletic departments to take on private capital.
Rafferty was an All-American offensive lineman for the Nittany Lions.
Fisher spent 13 years coaching for Penn State men's hockey.
"Penn State enters this new era of college sports in a position of strength and ready to attack this new collegiate landscape."
Penn State can begin sharing revenue directly with its athletes starting July 1.