The hole-initiated impact ionization multiplication factor Mp−1 and the ionization coefficient αp in AlGaAs/InGaAs p-n-p heterojunction bipolar transistors (HBTs) are presented. A large discrepancy is observed at low electric field when the measured data from the p-n-p HBTs are compared with those given from avalanche photodiode. The results show that the conventional impact ionization models, based on local electric field, substantially overestimate the hole impact ionization multiplication factor Mp−1. We believe that the hole ionization coefficient in p-n-p HBTs where significant dead space effects occur in the collector space charge region.