Self-starting pulsed operation in an electrically pumped (EP) vertical-external-cavity surface-emitting-laser (VECSEL) without intracavity saturable absorber is demonstrated. A linear hemispherical cavity design, consisting of the EP-VECSEL chip and a 10% output-coupler, is used to obtain picosecond output pulses with energies of 2.8 pJ and pulse widths of 130 ps at a repetition rate of 1.97 GHz. A complete experimental analysis of the generated output pulse train and of the transition from continuous-wave to pulsed operation is presented. Numerical simulations based on a delay-differential-equation (DDE) model of mode-locked semiconductor lasers are used to reproduce the pulse dynamics and identify different laser operation regimes. From this, the measured single pulse operation is attributed to FM-type mode-locking. The pulse formation is explained by strong amplitude-phase coupling and spectral filtering inside the EP-VECSEL.