FORTUNE — Francisco Partners is in talks to acquire Corsair Components, a Fremont, Calif.-based maker of gaming hardware for personal computers, according to a regulatory filing.

Corsair was one of several companies that indefinitely postponed its IPO last spring after the Facebook FB debacle, pledging to “re-launch when equity conditions are more favorable.” It kept its registration papers on file with the SEC, but did not provide subsequent updates.

For 2011, Corsair reported around $19 million in net income on $455 million of revenue. Its Q1 2012 earnings were $3 million on $132 million in revenue.

It’s an interesting move for Francisco, which had been part of the Blackstone Group-led consortium that last week opted against making a formal buyout offer for Dell Inc. DELL . One of the reasons Blackstone gave for its change of heart was the PC industry’s sharp decline in Q1, but Corsair arguably is more dependent on the PC market than is Dell (albeit at a much different scale).

Fortune left messages with representatives of both Corsair and Francisco, but has not yet heard back from either.

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