We report the gain, noise, and dark current characteristics of random alloy Al0.79In0.21As0.74Sb0.26 (hereafter AlInAsSb)-based avalanche photodiodes (APDs) on InP substrates. We observe, at room temperature, a low excess noise corresponding to a k value (ratio of impact ionization coefficients) of 0.018 and a dark current density of 82 μA/cm2 with a gain of 15. These performance metrics represent an order of magnitude improvement of the k-value over commercially available APDs with InAlAs and InP multiplication layers grown on InP substrates. This material is also competitive with a recently reported low noise AlAsSb on InP [Yi et al., Nat. Photonics 13, 683 (2019)], with a comparable excess noise and a room temperature dark current density almost three orders of magnitude lower at the same gain. The low excess noise and dark current of AlInAsSb make it a candidate multiplication layer for integration into a separate absorption, charge, and multiplication layer avalanche photodiode for visible to short-wavelength infrared applications.