The Collaborative International Dictionary of English v.0.48:

Privatdocent \Pri*vat"do*cent`\, n.; G. pl. -docenten. [Also
   Privatdozent.] [G.; privat private + docent teacher. See
   Docent.]
   In the universities of Germany and some other European
   countries, a licensed teacher or lecturer having no share in
   the university government and dependent upon fees for
   remuneration.
   [Webster 1913 Suppl.]