"We could be thinking about exiting this investment, but a lot depends on the condition of financial markets," Krzysztof Krawczyk told Polish state-run news agency PAP.
"This company is made to be listed."
CVC sees listing Żabka as the preferred path for divesting the business, but is not in a hurry and will wait for the capital markets situation to improve, Krawczyk told PAP.
"It is hard to predict when capital markets will open, whether it will be the second half of this year or first half of next year. A lot depends on factors we have no impact on, i.e. geopolitics."
A flotation in either Warsaw or abroad could be an option, Krawczyk said.
In October of last year, Poland's ruling party leader Jaroslaw Kaczynski said the state might take over Żabka from CVC, which bought it from Mid Europa Partners, another private equity firm, in 2017.
In December, Polish state-controlled utility PGE agreed to buy one of the country's biggest energy groups, PKP Energetyka, from CVC for 1.91 billion zlotys ($441.37 million).
Spokespeople for CVC and Żabka were not immediately available for comment.
The Polish retailer opened 577 outlets in the first half of 2022, bringing the total number of stores across its network to 8,500.