Common meaning:

Benefits given to white people.

Hidden meaning of the Equity religion: 

Hidden advantages given to white people that are not given to people in other racial groups.

Discussion:

The Equityists believe the entire Western system is totally corrupt and gives privileges to white people. These advantages are not necessarily visible but hidden within how white people treat others.

Back in the real world, we find that these privileges the Equity followers talk about are invisible because they do not exist. Evidence for white privilege cannot be produced by the Equity faithful because there is none.

Today, white people, and in particular white males, not only receive no hidden advantages but they actually encounter real disadvantages. These things are not just attitudes of Equity believers but actual laws and regulations that are in place to discriminate against them.

Pretending white privilege exists, while you implement a system of white discrimination, is sinisterly evil.