The full-length isoform (isoform Long) is a daughter cell-specific cell wall protein required for efficient export of lipids such as acetylated sterols. Acts in detoxification of hydrophobic compounds. Involved in tolerance to organic solvents such as dimethyl sulfoxide (DMSO). Also plays a role as an inhibitor of mating. STE12 is utilized as a repressor of full-length PRY3 transcription, ensuring efficient mating. There is no evidence that production of the short PRY3 transcript (isoform Short) is anything more than an adventitious by-product of the mechanism responsible for the repression of the full-length transcript. Moreover, no disadvantage is detectable for cells unable to make the short transcript (PubMed:16940175). Covalently-linked GPI-modified cell wall protein (GPI-CWP). The short isoform lacks the predicted signal peptide and might have an alternate localization. Expressed specifically in daughter cells through activation by the transcription factor ACE2. STE12 represses expression of the full-length transcript and induces expression of the short form. STE12-binding to pheromone response elements (PREs) at positions -175 and -161 prevents SPT15 from binding TATA-box 1 and thus it binds TATA-box 2 at position +385 and directs internal transcription initiation at position +452. The GPI-anchor is attached to the protein in the endoplasmic reticulum and serves to target the protein to the cell surface. There, the glucosamine-inositol phospholipid moiety is cleaved off and the GPI-modified mannoprotein is covalently attached via its lipidless GPI glycan remnant to the 1,6-beta-glucan of the outer cell wall layer. Produced by alternative promoter usage. Belongs to the CRISP family.