We report the growth and characterization of high-quality InP/GaAs0.5Sb0.5/InP heterostructures and their application to double-heterojunction bipolar transistors (DHBT). The GaAs0.5Sb0.5 layer quality was evaluated by high-resolution x-ray diffraction (XRD), low-temperature photoluminescence (PL), and atomic force microscopy (AFM). The observed 4.2 K PL linewidth was 7.7 meV and XRD rocking curves matched those of dynamical scattering simulations. In contrast to previously reported InP/GaAs0.5Sb0.5/InP DHBTs, the present devices show nearly ideal base and collector currents, low turn-on and collector offset voltages, and a high current gain. Self-aligned DHBTs exhibit a cutoff frequency over 75 GHz and common-emitter current gain greater than 100 at 300 K. © 1999 American Institute of Physics.