@Liviu Jerghiuta , Thanks for reaching out. Unfortunately, using private endpoints it is not possible to have end-to-end (inbound, outbound) private traffic in APIM.
I would suggest you raise a feedback request using the link.I will check with my team on this feature request and will keep you posted.
**Update 04/25: **
I have gotten an update from my team as of now there is no private end-to-end (inbound, outbound) private traffic support in APIM. The team is currently working on this feature request but unfortunately there is no ETA as of now. If there are any updates in future, I will update this thread.