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A privateer was a private person or ship that would engage in maritime warfare. Usually it was under a commission of war. Privateer was one way of subsidizing state power by mobilizing ships and armed sailors.

Privateers were English sailors who attacked Spanish ships, with the tacit approval of England's government under Queen Elizabeth I.

The "privateers" were privately owned ships and ship captains.  But they had the approval and support of the English government under Queen Elizabeth I (who ruled England from 1558-1603).   If they were operating without a government's support, we'd simply call them pirates.  But their acts of piracy against the Spanish were part of an overall campaign of England against rival Spain.  But since they were "privateers" and not technically in the government's employ, Elizabeth's government could always maintain some denial of responsibility for their actions.  Some famous names among the English privateers were Sir Francis Drake and Sir Walter Raleigh.