The pulsed photoconductive response times of 10 and 25 well InGaAs/InAlAs quantum well waveguide modulators are investigated. In both devices comparable sweep-out times for electrons and holes and significant reduction in internal quantum efficiency for fields < 200 kV/cm are observed. A dependence on bias voltage and quantum well number is observed which suggests that carrier recapture, or sequential tunnelling, is significant for fields near 70 kV but not for fields > 200 kV/cm.