A private placement is a way in which smaller non-publicly traded companies (not listed on a stock exchange) help to gather funding. They are offering specific individual investors the chance to buy partial ownership of a company the same way as one would buy stock on a stock exchange.
Without know the context your quote is in, it could either mean that the private placement is restricted to specific investors, or closed as in the company has collected all the funding they need and will no longer be making the investment offer to anyone new.
