Has oligopeptidase activity and degrades a variety of small bioactive peptides, including bradykinin, neurotensin, and peptide fragments of substance P and adrenocorticotropin. Also hydrolyzes the synthetic collagen-like substrate N-(3-[2-furyl]acryloyl)-Leu-Gly-Pro-Ala (FALGPA). Binds 1 zinc ion. Belongs to the peptidase M3B family.