Photoluminescence (PL) and highly circularly polarized magneto-PL (up to 50% at 6 T) from two-step bandgap InAs/InGaAs/InAlAs quantum wells (QWs) are studied. Bright PL is observed up to room temperature, indicating a high quantum efficiency of the radiative recombination in these QWs. The sign of the circular polarization indicates that it stems from the spin polarization of heavy holes caused by the Zeeman effect. Although in magnetic field the PL lines are strongly circularly polarized, no energy shift between the counter-polarized PL lines was observed. The results suggest the electron and the hole g-factor to be of the same sign and close magnitudes. (C) 2014 AIP Publishing LLC.