We report on optically induced, ultrafast magnetization dynamics in the Heusler alloy Co2FeAl, probed by time-resolved magneto-optical Kerr effect. Experimental results are compared to results from electronic structure theory and atomistic spin-dynamics simulations. Experimentally, we find that the demagnetization time (tau(M)) in films of Co2FeAl is almost independent of varying structural order, and that it is similar to that in elemental 3d ferromagnets. In contrast, the slower process of magnetization recovery, specified by tau(R), is found to occur on picosecond time scales, and is demonstrated to correlate strongly with the Gilbert damping parameter (alpha). Based on these results we argue that for Co2FeAl the remagnetization process is dominated by magnon dynamics, something which might have general applicability.