The offer and sale of securities not involving a public offering. The definition of public offering varies from country to country. A private placement typically at least implies that the stock will be placed only with a limited number of private investors. In the USA, a private placement is one that is exempt from the registration and prospectus delivery requirements of the Securities Act of 1933. Referred to in the UK as a 'private placing'. See 'Placing' and also 'Public Offering' for comparison.