InP/InGaAsP/InGaAs avalanche photodiodes with separate absorption, grading, and multiplication regions (SAGM-APD's) have been fabricated from wafers grown by chemical beam epitaxy (CBE). These APD's exhibit low dark current (<25 nA at 90 percent of breakdown), low capacitance (≈0.2 pF), and good responsivity (0.75 A/ W at 1.3 µm). The pulse response, which is relatively independent of avalanche gain, is characterized by rise and fall times of approximately 1.4 ns.