Usually means: Owned by non-public stakeholders.
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We found 5 dictionaries that define the word privately held:

General (4 matching dictionaries)
  1. privately held: Longman Dictionary of Contemporary English
  2. Privately-held, privately-held: Wordnik
  3. privately held: Wiktionary
  4. Privately Held, Privately-held, Privately held: Wikipedia, the Free Encyclopedia

Business (1 matching dictionary)
  1. Privately-held, Privately held: Financial dictionary

Definitions from Wiktionary (privately held)

adjective:  Of a corporation or other business, owned by a small number of people, and not having shares of ownership sold via a stock exchange or other public market.

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