Photocatalytic CO2 reduction offers a promising strategy to produce hydrocarbons without reliance on fossil fuels. Visible light-absorbing colloidal nanomaterials composed of earth-abundant metals suspended in aqueous media are particularly attractive owing to their low-cost, ease of separation, and highly modifiable surfaces. The current study explores such a system by employing water-soluble ZnSe quantum dots and a Co-based molecular catalyst. Water solubilization of the quantum dots is achieved with either carboxylate (3-mercaptopropionic acid) or ammonium (2-aminoethanethiol) functionalized ligands to produce nanoparticles with either negatively or positively-charged surfaces. Photocatalysis experiments are performed to compare the effectiveness of these two surface functionalization strategies on CO2 reduction and ultrafast spectroscopy is used to reveal the underlying photoexcited charge dynamics. We find that the positively-charged quantum dots can support sub-picosecond electron transfer to the carboxylate-based molecular catalyst and also produce >30% selectivity for CO and >170 mmolCO gZnSe-1. However, aggregation reduces activity in approximately one day. In contrast, the negatively-charged quantum dots exhibit >10 ps electron transfer and substantially lower CO selectivity, but they are colloidally stable for days. These results highlight the importance of the quantum dot-catalyst interaction for CO2 reduction. Furthermore, multi-dentate catalyst molecules create a trade-off between photocatalytic efficiency from strong interactions and deleterious aggregation of quantum dot-catalyst assemblies.