Not exactly, no. One almost always use "privy" with a form of the verb "to be." To be privy to something means to have knowledge about something which is sometimes (not always) unknown to others. I am privy to the ways of the world. You are privy to all the complexities of tax law. He/She/It is privy to information that isn't open to the public.

Privy as an adjective is always expressed "privy to" and means sharing in the knowledge of (something secret or private): Privy is also British English noun for toilet or washroom