Calcium-dependent N-acyltransferase involved in the biosynthesis of N-acyl ethanolamines (NAEs) in the brain (PubMed:29447909). Transfers the sn-1 fatty acyl chain of phosphatidylcholine (fatty acyl donor) to the amine group of phosphatidylethanolamine (fatty acyl acceptor) to generate N-acyl phosphatidylethanolamine (NAPE). Similarly can use plasmenylethanolamine as a fatty acyl acceptor to form N-acyl plasmenylethanolamine (N-Acyl-PlsEt). Both NAPE and N-Acyl-PlsEt can serve as precursors of bioactive NAEs like N-arachidonoyl phosphatidylethanolamine also called anandamide (PubMed:29447909, PubMed:30517655). Has weak phospholipase A2 and lysophospholipase activities (By similarity). Regulates intracellular membrane trafficking that requires modulation of membrane curvature as it occurs by enrichment in lysophospholipids. Promotes tubule formation involved in clathrin-independent endocytotic trafficking and cargo recycling (By similarity). a 1,2-diacyl-sn-glycero-3-phosphocholine + a 1,2-diacyl-sn-glycero-3-phosphoethanolamine = a 2-acyl-sn-glycero-3-phosphocholine + H(+) + N-acyl-1,2-diacyl-sn-glycero-3-phosphoethanolamine 1,2-di-(9Z-octadecenoyl)-sn-glycero-3-phosphoethanolamine + 1-hexadecanoyl-2-octadecanoyl-sn-glycero-3-phosphocholine = 2-octadecanoyl-sn-glycero-3-phosphocholine + H(+) + N-hexadecanoyl-1,2-di-(9Z-octadecenoyl)-sn-glycero-3-phosphoethanolamine 1,2-di-(9Z-octadecenoyl)-sn-glycero-3-phosphoethanolamine + 1-octadecanoyl-2-hexadecanoyl-sn-glycero-3-phosphocholine = 2-hexadecanoyl-sn-glycero-3-phosphocholine + H(+) + N-octadecanoyl-1,2-di-(9Z-octadecenoyl)-sn-glycero-3-phosphoethanolamine 1,2-di-(9Z-octadecenoyl)-sn-glycero-3-phosphoethanolamine + 1,2-dihexadecanoyl-sn-glycero-3-phosphocholine = 2-hexadecanoyl-sn-glycero-3-phosphocholine + H(+) + N-hexadecanoyl-1,2-di-(9Z-octadecenoyl)-sn-glycero-3-phosphoethanolamine 1,2-di-(5Z,8Z,11Z,14Z-eicosatetraenoyl)-sn-glycero-3-phosphocholine + 1,2-di-(9Z-octadecenoyl)-sn-glycero-3-phosphoethanolamine = 2-(5Z,8Z,11Z,14Z)-eicosatetraenoyl-sn-glycero-3-phosphocholine + H(+) + N-(5Z,8Z,11Z,14Z-eicosatetraenoyl)-1,2-di-(9Z-octadecenoyl)-sn-glycero-3-phosphoethanolamine 2 1,2-di-(9Z-octadecenoyl)-sn-glycero-3-phosphoethanolamine = 2-(9Z-octadecenoyl)-sn-glycero-3-phosphoethanolamine + H(+) + N,1,2-tri-(9Z-octadecenoyl)-sn-glycero-3-phosphoethanolamine 1,2-dihexadecanoyl-sn-glycero-3-phosphocholine + 1-(1Z-octadecenyl)-2-(9Z-octadecenoyl)-sn-glycero-3-phosphoethanolamine = 1-(1Z-octadecenoyl)-2-(9Z-octadecenoyl)-sn-glycero-3-phospho-N-hexadecanoyl-ethanolamine + 2-hexadecanoyl-sn-glycero-3-phosphocholine + H(+) a 1,2-diacyl-sn-glycero-3-phosphocholine + H2O = a 1-acyl-sn-glycero-3-phosphocholine + a fatty acid + H(+) 1-hexadecanoyl-2-(5Z,8Z,11Z,14Z-eicosatetraenoyl)-sn-glycero-3-phosphocholine + H2O = (5Z,8Z,11Z,14Z)-eicosatetraenoate + 1-hexadecanoyl-sn-glycero-3-phosphocholine + H(+) 1-hexadecanoyl-sn-glycero-3-phosphocholine + H2O = H(+) + hexadecanoate + sn-glycerol 3-phosphocholine Stimulated by cytosolic Ca(2+). Stimulated by anionic phospholipids such as phosphatidylserines, phosphatidates and phosphatidylinositols. Optimum pH is 8. Targeted to clathrin-independent endocytotic vesicles through binding to phosphoinositides, especially phosphatidylinositol 4,5-bisphosphates. The N-terminal C2 domain associates with lipid membranes upon calcium binding. It modulates enzyme activity by presenting the active site to its substrate in response to elevations of cytosolic Ca(2+) (By similarity).