What I implied is that it cannot raise money by selling its shares to the general public either on a stock exchange or otherwise because it's not a public company.My feeling is that it can raise money other than from "private investors" or company insiders. You seem to imply that it can't unless it has listed shares.
That is true that shareholders that hold shares in a private company cannot trade those shares on a public exchange, but "private investors" also means that these are qualified investors with minimum net worth and assests requirements as well as investment experience, such as rich people who invest in a lot of companies, venture capital funds, private equity funds, etc. There are very strict requirements as to who can and cannot invest in these types of securities. There's a reason why there are so many private equity funds with lots of money all over the world. As the name implies, they invest in private companies that the general public is not allowed to.Unless by "private investors" you just mean shareholders who hold shares that aren't traded.