Privateer's Hold is a very small dungeon in comparison to others, but there are doors leading to side rooms with enemies that cannot be bypassed if one's weapons and armor are not adequate. There are a small amount of hidden doors including the first one, some of these will be opened by enemies, which reveals the location of the secret door.
Once the room pictured above is reached, the Hero must ascend the stairs and pull a lever to the left of the throne. They will have to do this while standing on the throne as it is raised upwards when the level is activated. This takes the Hero to an otherwise inaccessible part of the dungeon which must be reached to get to the outside.
Privateer's Hold serves as a good way to level up a couple or ranks (if the enemies are killed, not avoided, or by simply resting). The exit of Privateer's Hold is, like all dungeons exits, a stone arch and skulls within. There is also plenty of loot to be gained.