Common meaning:

When people of all races are treated fairly and have equal opportunities.

Hidden meaning of the Equity religion: 

When races that have been oppressed are paid reparations by the descendants of the oppressors.

Discussion:

The Equityists believe that the minoritized groups have been so damaged by the oppression they have suffered that special compensation needs to be paid. Some form of reparations need to be paid by the descendants of the oppressors to the descendants of the oppressed.

The Equity believers do not think that all races deserve justice. They believe that only members of oppressed groups should be given opportunities while those in the oppressor groups should be marginalized. 

What the Equity adherents are actually promoting is racial revenge: Extracting, by force, reparations from members of the group they say has dominated and giving it to members of the victimized group. When they talk about equitable outcomes, this is just code for getting back at the dominant group that hurt their ancestors.

Racial Justice is something that needs to be stopped before it destroys us all.