Private Events / Group Events?

When creating an event there’s an option to select, GROUP Events.
Even after selecting an existing group/community from wordPress.
Should it only be viewable by the members under that Group/Community?
Or is there a way to make it like that?

Furthermore, under the User Capabilities page, there is an entry of read_private_events.
Can i please know how can we create a Private event, or to make it Invitation only or access based on Groups/Community.