In this work, a general equivalent circuit model based on the carrier reservoir splitting approach in high-performance multi-mode vertical-cavity surface-emitting lasers (VCSELs) is presented. This model accurately describes the intrinsic dynamic behavior of these VCSELs for the case where the lasing modes do not share a common carrier reservoir. Moreover, this circuit model is derived from advanced multi-mode rate equations that take into account the effect of spatial hole-burning, gain compression, and inhomogeneity in the carrier distribution between the lasing mode ensembles. The validity of the model is confirmed through simulation of the intrinsic modulation response of these lasers.