The capacitor is charged when the mosfet is off.
When you turn the mosfet on, the capacitor will start to slowly discharge, eventually it will discharge enough that the mosfet will begin to turn off.
The final state is that the mosfet will have a Vds equal to the Vgs required to carry Id plus a little bit cause by the Vf of the diode at the leakage current of the capacitor and the gate and the other opto (and leakage on the board, etc).
It sounds like you're applying a PWM signal to the gate, so the on time is likely to be far less than the time required to significantly discharge the cap.
It might be worth while adding a bit of resistance in series with the diode to limit the maximum charge current. I'd pick a value that limits it to the single pulse maximum for the diode. So at 12V and with a 1N914, a resistance of 10Ω would be fine.