The primary exciton dynamics of colloidal indirect bandgap AIP nanocrystals are characterized with ultrafast transient absorption spectroscopy. A 400-nm excitation results in a high yield formation of an emissive exciton with a similar to 1-ns lifetime and a 50-nm bandwidth red-shifted emission. Multi-wavelength target analysis is used to decompose the measured signals into sequential and parallel models, which interpret the measured data as an emissive exciton with a 1.2-ns decay time and a dark exciton which is attributed to surface trapping. Reconstructed nonlinear absorption spectra resolve a broad optical gain persisting for >1 ns. The 15% emission yield demonstrates that colloidal AIP nanocrystals are useful as a potential broadband, high efficiency optoelectronics material. (C) 2012 Elsevier B.V. All rights reserved.