The production of the second messenger molecules diacylglycerol (DAG) and inositol 1,4,5-trisphosphate (IP3) is mediated by activated phosphatidylinositol-specific phospholipase C enzymes. a 1,2-diacyl-sn-glycero-3-phospho-(1D-myo-inositol-4,5-bisphosphate) + H2O = 1D-myo-inositol 1,4,5-trisphosphate + a 1,2-diacyl-sn-glycerol + H(+) a 1,2-diacyl-sn-glycero-3-phospho-(1D-myo-inositol) + H2O = 1D-myo-inositol 1-phosphate + a 1,2-diacyl-sn-glycerol + H(+) Interacts with LPAR2 (By similarity). Interacts with SHANK2 (PubMed:15632121). And particulate fractions. Expressed in parotid gland, brain, liver, uterus, lung, heart, adrenal gland, and ovary. Not detected in spleen, pancreas, intestine, thymus or kidney.