We have studied the energy transfer dynamics in an artificial lightharvesting dyad composed of a phthalocyanine (Pc) covalently linked to a carotenoid (Car). The combination of high temporal resolution transient absorption spectroscopy with global and target analysis allowed us to quantify the efficiency of the energy transfer from the S-2 excited state of the Car to the Pc at 37%, close to values observed in some natural light-harvesting complexes. In addition, following selective excitation of the Pc, we have identified the spectral signatures of the S-1, excited state of the Car which appear within the approximate to 30 fs time resolution of our measurement. This strongly indicates excited state coupling between the S, state of Car and the Q(x) state of Pc, with important implications for the regulation of photosynthetic activity.