$ docker-compose --verbose build app

Compose version 1.3.0
Docker base_url: https://192.168.148.247:2376
Docker version: KernelVersion=4.0.5-boot2docker, Os=linux, ApiVersion=1.19, Version=1.7.0, GitCommit=0baf609, Arch=amd64, GoVersion=go1.4.2
Building app...
docker build <- (nocache=False, stream=True, tag=u'my_project_app', rm=True, path='/Users/adam/my-project/app', dockerfile=None)
docker build -> <generator object _stream_helper at 0x10f2bd640>
Step 0 : FROM my-repo/my-private-image:latest
Pulling repository my-repo/my-private-image
Service 'app' failed to build: Error: image my-repo/my-private-image:latest not found

$ docker-compose pull privatetest

Pulling privatetest (my-repo/my-private-image:latest)...
latest: Pulling from my-repo/my-private-image

asdf123: Pull complete
asdf234: Pull complete
asdf345: Pull complete
...
Status: Downloaded newer image for my-repo/my-private-image:latest

$ docker version

Client version: 1.7.0
Client API version: 1.19
Go version (client): go1.4.2
Git commit (client): 0baf609
OS/Arch (client): darwin/amd64
Server version: 1.7.0
Server API version: 1.19
Go version (server): go1.4.2
Git commit (server): 0baf609
OS/Arch (server): linux/amd64

$ docker-compose version: 1.3.0

CPython version: 2.7.9
OpenSSL version: OpenSSL 1.0.1j 15 Oct 2014

$ docker-machine --version

docker-machine version 0.3.0 (0a251fe)