May catalyze the production and accumulation of glycerol during hyperosmotic stress conditions (By similarity). Glycerol acts as a osmoregulator that prevents loss of water and turgor of the cells (By similarity). Mediates evasion of the host innate immune system by binding inhibitory components of the host alternative complement system, in a manner dependent on estrogen-induced inhibition of EBP1 (PubMed:34986357, PubMed:23204165). NAD(+) + sn-glycerol 3-phosphate = dihydroxyacetone phosphate + H(+) + NADH Interacts with human CFH/complement factor H; the interaction is direct and enables the pathogen to evade the host innate immune system (PubMed:23204165). Interacts with human CFHR1/complement factor H-related protein 1; the interaction is direct (PubMed:23204165). Interacts with human PLG/plasminogen; the interaction is direct and provides active plasmin on the surface of fungal cells (PubMed:23204165). Localizes to the cell wall in both yeast and hyphae. Mildly induced by estrogen (17beta-estradiol). In presence of estrogen; decreases binding of host complement factor H protein and increases phagocytosis of the fungus by host (PubMed:34986357). Decreases virulence in presence of estrogen in a zebrafish larval model of infection (PubMed:34986357). Belongs to the NAD-dependent glycerol-3-phosphate dehydrogenase family.