[myjosephines]

And of course I find a solution AFTER I post this. 😛

I think this code into the function solved it:

function my_private_profiles() {

    // Bail if not a profile page.
    if ( ! bp_is_user_profile() )
        return;

    // Allow admin users.
    if ( current_user_can( 'manage_options' ) )
        return;

    // Allow the profile owner.
    if ( bp_loggedin_user_id() == bp_displayed_user_id() )
        return;

    // If we get to here, redirect to homepage.
    bp_core_redirect( home_url() );
}
add_action( 'init', 'my_private_profiles' );