Privy to information, nobody of note initially (2,2)
I believe the answer is:
in on
'privy to' is the definition.
(I've seen this before)
'information nobody of note initially' is the wordplay.
'initially' says to take the initial letters.
The first letters of 'information nobody of note' is 'IN ON'.
(Other definitions for in on that I've seen before include "Aware of secret" , "Sharing with" , "Aware of - being part of" , "Privy to" , "Participating in - knowing about" .)