We have investigated the ultrafast carrier dynamics in a 1 μm bulk In0.265Ga0.735N thin film grown using energetic neutral atom-beam lithography/epitaxy molecular beam epitaxy. Cathodoluminescence and X-ray diffraction experiments are used to observe the existence of indium-rich domains in the sample. These domains give rise to a second carrier population and bi-exponential carrier cooling is observed with characteristic lifetimes of 1.6 and 14 ps at a carrier density of 1.3 × 1016cm-3. A combination of band-filling, screening, and hot-phonon effects gives rise to a two-fold enhanced mono-exponential cooling rate of 28 ps at a carrier density of 8.4 × 1018cm-3. This is the longest carrier thermalization time observed in bulk InGaN alloys to date.