You have two requirements: hiding stuff from the site admin and encryption stuff. Both are unrelated in the first place. There was a long thread here some days ago (can not find the link) about how to lock your site administrator out. If this is sufficient then you should not dig deeper into encryption options.
To hide content from even a site administrator, you might have the collaborators encrypt before they save content on the site. Local encryption and decryption using a common agreed-upon method means your data is completely unconnected to the the site.