Thank you for your question.
The impact is quite clear, given that venture capital often constitutes a recycling of capital gains generated by previous entrepreneurial ventures or prior investments in start‑ups, particularly in the technology sectors, as you said. The higher capital gains tax means that capital investment in technology start‑ups isn't encouraged to the same extent as before, in any case. When capital gains arise, this also creates what is known as a “lock‑in” effect. Investors may choose to delay the sale of their assets, meaning their shares in these start‑ups, to avoid the extra tax.
This distorts investment decisions and misallocates resources by discouraging the effective diversification of capital across the technology sectors. It also discourages entrepreneurial recycling.