The C40 carotenoid capsanthin is of photophysical interest because it belongs to the family of terminally carbonyl-substituted apocarotenes. These have the potential to exhibit intramolecular charge transfer (ICT) character in the excited state. We studied its ultrafast dynamics in different solvents using broadband transient absorption spectroscopy in the 260-1600 nm range. Photoexcitation initially populated the S2(11Bu+) state which decayed to the S1(21Ag-) state in 120-150 fs. The lifetime of the S1 state decreased from 10.3 ps (isooctane) to 9.1 ps (methanol). Together with the absence of stimulated emission this suggested a weak ICT character of S1. A steric influence of the five-membered ring in capsanthin was identified based on a comparison with the sister apocarotenone citranaxanthin which features methyl substitution at the keto group. While both apocarotenones exhibit the same S1 lifetime in isooctane, the decrease in lifetime in polar solvents is weaker for capsanthin because presumably the five-membered ring sterically perturbs stabilization of ICT character by the solvent. For the S1 state of capsanthin we further observed intramolecular vibrational redistribution and collisional energy transfer to the solvent with time constants of 340-420 fs and 8.5-9.1 ps, respectively. No evidence for excited-state photoisomerization of capsanthin was found.