Who owns Corsair? Ownership structure explained (2026)

Corsair Gaming is one of the best known names in PC gaming hardware, selling everything from memory modules and power supplies to keyboards, mice, streaming gear, and sim racing wheels. Yet the question of who owns it has a layered answer. The company is publicly traded, so anyone can buy a share, but voting control sits with a single New York private equity firm that bought the business years before it went public.

That split between public listing and private control shapes how Corsair is run, whose interests the board answers to, and how much sway ordinary shareholders actually have. It also explains the string of acquisitions that turned a components maker into a house of gaming brands.

This article breaks down who owns Corsair today: its founder, its controlling private equity backer, its institutional shareholders, and the executives and directors who steer the business.

Corsair was founded in 1994 by Andy Paul (Andrew J. Paul) as Corsair Microsystems, initially making cache modules before moving into the high-performance memory that made its name with PC builders. The company is headquartered in Milpitas, California, and sells globally under the Corsair name and a portfolio of acquired brands.

Corsair today is a gaming and streaming hardware group rather than a single-product company. Its brands include Elgato (streaming capture and creator gear), SCUF Gaming (premium controllers), Origin PC (custom-built systems), Drop (enthusiast mechanical keyboards), and Fanatec (sim racing hardware). The core Corsair brand still covers memory, cooling, cases, power supplies, keyboards, mice, and headsets.

The business is sizable but cyclical. Revenue was about $1.47 billion in 2025, up from $1.32 billion in 2024, though still below the roughly $1.9 billion peak reached in 2021 during the pandemic-era surge in PC and gaming demand. Corsair's market capitalization was around $1.45 billion in September 2026, with the stock near $13 per share and roughly 108 million shares outstanding. Readers who want to pressure-test a figure like that against fundamentals can run the numbers through a business valuation calculator.

Corsair Gaming, Inc. is a public company listed on the Nasdaq Global Select Market under the ticker CRSR since September 2020. In practice, though, control has not passed to the public market. Corsair's 2025 proxy statement discloses that EagleTree Capital held approximately 53% of the company's combined voting power as of April 2025. That majority stake means public shareholders, taken together, own a large economic slice of the company but do not control it. It is a sharp contrast with a peer like Logitech's widely held ownership, where no single holder can dictate the outcome of a vote.

Andy Paul founded Corsair and led it as CEO for 31 years, and he retained a meaningful equity stake through the 2017 buyout and the 2020 IPO rather than cashing out entirely. He remains connected to the company as a director. Corsair does not publish a simple headline figure for the founder's current personal holding, and the precise size of his remaining stake is not separately broken out in the same way EagleTree's controlling block is. What is disclosed is that his ownership is far smaller than EagleTree's controlling position.

The pivotal event in Corsair's ownership was 2017, when New York private equity firm EagleTree Capital bought a majority stake in the company in a transaction valued at about $525 million. Corsair had previously been backed by Francisco Partners, which had acquired it in 2013. EagleTree bought the majority position from Francisco Partners and minority holders, with management, including Andy Paul, rolling equity into the deal. Co-investors including the Investment Management Corporation of Ontario also participated alongside EagleTree.

EagleTree then took Corsair public in September 2020 rather than selling it outright, a structure that let the firm keep control while creating a liquid market for its shares. Because EagleTree retained a majority of the voting power after the IPO, Corsair qualifies as a "controlled company" under Nasdaq rules. That status lets Corsair opt out of certain governance requirements, such as having a majority-independent board or fully independent nominating and compensation committees.

The table below summarizes Corsair's approximate ownership as of 2025 and 2026 disclosures. Percentages are approximate and shift as institutions trade and as share counts change.

Outside EagleTree, Corsair's register looks like that of most small-cap US public companies: dominated by large asset managers holding the stock through index and active funds. BlackRock was the largest such holder, with roughly 7 million shares, or about 6% to 7% of the company. Vanguard Group was next, holding a little over 6 million shares. Other significant institutional holders reported include State Street, Dimensional Fund Advisors, Massachusetts Financial Services, and Geode Capital Management. None of these approaches EagleTree's controlling block; they are large relative to one another but small relative to the private equity owner.

Because EagleTree controls a majority of the vote, it effectively decides the outcome of any shareholder vote, including the election of directors. Public shareholders can express a view, but they cannot outvote the controlling owner. This is the single most important fact about Corsair's ownership: the listing is public, but the control is not contestable by the market.

Thi La became chief executive officer on July 1, 2025, succeeding founder Andy Paul. She had spent more than a decade at Corsair, serving as chief operating officer from 2013 and then as president from 2021, so her appointment was an internal succession rather than an outside hire. Andy Paul retired as CEO after 31 years and remains associated with the company as a director and shareholder. Michael G. Potter serves as chief financial officer.

The board reflects EagleTree's control. EagleTree's co-managing partners, George L. Majoros, Jr. and Anup Bagaria, sit on the board, as does another EagleTree executive. The board also includes independent directors, but as a controlled company Corsair is not required to maintain a majority of independent directors. The confirmed picture is that EagleTree has direct board representation through its partners; what is less visible from public filings is the day-to-day influence the firm exerts between board meetings, which is a matter of inference rather than disclosure.

The clearest ongoing governance question at Corsair is structural rather than scandalous. As a controlled company, Corsair is exempt from several Nasdaq independence requirements, and EagleTree's majority vote means minority holders cannot force changes to the board or strategy. This is legal and disclosed, but it concentrates power in one owner and can leave public shareholders with limited recourse if their interests and EagleTree's diverge, for example over the timing and pricing of any future stock sales by the controlling holder.

Corsair's business rises and falls with the PC and gaming hardware cycle. Revenue swung from roughly $1.9 billion in 2021 down to about $1.4 billion in 2022 and $1.3 billion in 2024 before recovering toward $1.5 billion in 2025. Profitability has been inconsistent across those years, with the company reporting net losses in several recent periods. Anyone weighing those swings can see what an earnings-before-charges figure leaves out with an EBITDA calculator. That volatility is a business risk rather than a legal one, but it is central to how investors should read the ownership story: a controlled, cyclical hardware company carries different risks than a founder-led growth business.

Corsair designs hardware that is largely manufactured in Asia and sold worldwide, which exposes it to tariffs, component costs, freight, and currency swings. Changes in US trade policy and import duties can pressure margins on physical goods, and the company has flagged macroeconomic and supply-chain conditions as factors affecting demand and cost. This is an industry-wide exposure shared by hardware peers, a pressure that runs through how Sonos is owned and Garmin's founder-heavy ownership alike, rather than a Corsair-specific controversy. Mapping those rivals side by side is easier with a competitive analysis template.

Corsair has grown partly by buying brands: Elgato, SCUF, Origin, Drop, and Fanatec. Each acquisition adds a product line but also integration risk. The Fanatec purchase in particular came out of a distressed situation at seller Endor AG, which had faced insolvency proceedings in Germany. Acquiring assets from a troubled seller can bring operational and reputational complications alongside the strategic upside.

Ownership is the lens that explains most of Corsair's strategic choices. EagleTree's control means the company is run with a private equity owner's priorities in view: disciplined capital allocation, a willingness to use acquisitions to build a broader platform, and an eye on eventually realizing value from the stake. The steady stream of brand purchases fits that playbook, turning a components maker into a wider gaming and creator hardware group.

For public shareholders, the controlled structure is a double-edged sword. On one hand, EagleTree's large stake aligns the controlling owner with share price performance, since the firm's return depends on the value of the same stock retail investors hold. On the other hand, minority holders cannot outvote EagleTree, so they are effectively along for the ride on decisions about the board, strategy, and any future sale of shares. The overhang of a large controlling block that may eventually be sold down is itself a factor investors weigh.

For customers and the gaming community, ownership matters less directly, but it still shapes the roadmap. A private equity owner focused on platform building is more likely to keep acquiring adjacent brands and cross-selling across them, which is why Corsair now spans memory, peripherals, streaming gear, controllers, prebuilt PCs, and sim racing. That breadth is a direct product of the ownership model.

The cyclicality of the business ties all of this together. Because hardware demand swings with the PC and gaming cycle, a patient, control-oriented owner can be an advantage, giving Corsair room to invest through downturns rather than chase quarterly results. Whether that patience continues depends on EagleTree's own timeline for the investment.

Thi La is the CEO of Corsair, having taken the role on July 1, 2025. She previously served as the company's president and chief operating officer. She succeeded founder Andy Paul, who retired after 31 years leading the company.

Yes. Corsair Gaming, Inc. trades on the Nasdaq Global Select Market under the ticker CRSR and has been public since September 2020. However, private equity firm EagleTree Capital holds a majority of the voting power, so Corsair is classified as a controlled company.

Andy Paul (Andrew J. Paul) founded Corsair in 1994, originally as Corsair Microsystems. He led the company as CEO for 31 years until his retirement in 2025 and remains connected to the business as a director and shareholder.

EagleTree Capital is Corsair's largest shareholder and controlling owner, holding roughly 53% of the combined voting power as of the company's 2025 proxy statement. Behind EagleTree, the biggest holders are institutional investors such as BlackRock and Vanguard, each with roughly 6% or less.

Private equity firm Francisco Partners owned a majority of Corsair before EagleTree. EagleTree acquired its controlling stake from Francisco Partners and minority holders in 2017, in a transaction valued at about $525 million, with management rolling over equity.

Corsair's market capitalization was about $1.45 billion in September 2026, with the stock trading near $13 per share. That is above the roughly $1.3 billion valuation at its 2020 IPO but below the levels it reached during the pandemic gaming boom.