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The phrase "a privately owned" is correct and usable in written English.
It can be used to describe something that is owned by a private individual or entity rather than by the government or public sector.
Example: "The park is a privately owned space that is open to the public during certain hours."
Alternatives: "a privately held" or "a privately controlled".
Exact(59)
All sample respondents (i.e., respondents who use a company car and respondents who have only a privately owned car) were asked about their attitudes toward driving style and behavior in a company car, compared to a privately owned car.
Imedi is a privately owned television station.
We are a privately owned company.
Your company is a privately owned company.
We're a privately owned for-profit organization".
(Edsor, a privately owned company, does not release financial information).
That is because it is a privately owned company.
A 2 × 2 factorial design was employed on a privately owned commercial swine farm.
Lego is a privately owned company based in Billund, Denmark.
But we're not: we're a privately owned family company".
Similar(1)
Pioneer Pump is a privately-owned company located in the UK, US and South Africa.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com