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'private foundation' is correct and usable in written English.
You can use it to refer to a non-profit organization whose money or property is used to support various charitable activities. For example: The local private foundation raised funds to support a new homeless shelter in the city.
Exact(58)
"A private foundation is much more complicated," he said.
Winnie Johnson-Marquart, 42, runs the family's private foundation.
Like many wealthy families, the Mercers have a private foundation.
It then tried to fob off survivors with quiet payments through a private foundation.
Mr. Pattillo's private foundation, Gray Matters Capital, supports the project philanthropically.
(The Biennial is run by a private foundation backed by some of Turkey's leading construction companies).
A private foundation has been established to raise roughly $2 million for the new museum.
It was paid for by a private foundation, the Governor's Residence Conservancy.
Pro Publica, an innovative private foundation for investigative reporting, is currently funding 28 journalists.
"Maybe a private foundation should do it," Frederick Weingarten has suggested.
If the cash gift goes to a private foundation, the limit is 30percentt.
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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