Ultrafast femtosecond timescale dynamics in Vertical External Cavity Surface Emitting Lasers (VECSELs) have recently been employed to achieve record average power and duration mode-locked pulses by employing different types of saturable absorbers and Kerr Lens elements. Microscopic many-body dynamics are expected to dominate when attempting to push pulse durations below 100 fs. We present a preliminary microscopic simulation of ultrafast mode-locking in order to expose the role of hot carrier distributions in establishing ultrafast mode-locking.