The recently developed technique of femtosecond stimulated Raman spectroscopy, and its variant, femtosecond Raman-induced Kerr effect spectroscopy (FRIKES), offer access to ultrafast excited-state dynamics via structurally specific vibrational spectra. We have used FRIKES to study the photoexcitation dynamics of nickel(11) phthalocyanine with eight butoxy substituents, NiPc(OBu)(8). NiPc(OBu)(8) is reported to have a relatively long-lived ligand-to-metal charge-transfer (LMCT) state, an essential characteristic for efficient electron transfer in photocatalysis. Following photoexcitation, vibrational transitions in the FRIKES spectra, assignable to phthalocyanine ring modes, evolve on the femtosecond to picosecond time scales. Correlation of ring core size with the frequency of the nu(10) (asymmetric C-N stretching) mode confirms the identity of the LMCT state, which has a similar to 500 ps lifetime, as well as that of a precursor d-d excited state. An even earlier (similar to 0.2 ps) transient is observed and tentatively assigned to a higher-lying Jahn-Teller-active LMCT state. This study illustrates the power of FRIKES spectroscopy in elucidating ultrafast molecular dynamics.