Involved in the folding of the extracellular lipase (lip) during its passage through the periplasm. Monomer. Interacts with lipase (lip). By growth on olive oil or oleic acid; part of the lip-lifO (also called lipA-lipB) operon. Significant loss of extracellular active lipase (lip). Not required for growth on oleic acid as a carbon source (PubMed:8412704). Cells can translate lipase; while its signal peptide is processed, it is not secreted (PubMed:8412705). Belongs to the lipase chaperone family.