Enables serine hydrolase activity. Involved in sexual reproduction. Located in extracellular space. Is expressed in adult head. Human ortholog(s) of this gene implicated in Wolman disease; autosomal recessive congenital ichthyosis 8; and cholesterol ester storage disease. Orthologous to several human genes including LIPA (lipase A, lysosomal acid type); LIPF (lipase F, gastric type); and LIPJ (lipase family member J).