Possibility of high performance P-channel HEMT was investigated. P-channel HEMT structure with an InGaAs strained layer was fabricated and yielded a measured hole mobility of 260-310 cm2/Vs. Numerical simulations based on the experimental results indicate an expected transconductance of 186 mS/mm for the intrinsic part and 82 mS/mm for the extrinsic part (source resistance of 6 Ωmm) for 0.1/µm gate HEMTs.