Catalyzes the initial step in triglyceride hydrolysis in adipocyte and non-adipocyte lipid droplets (By similarity). Exhibits a strong preference for the hydrolysis of long-chain fatty acid esters at the sn-2 position of the glycerol backbone and acts coordinately with LIPE/HLS and DGAT2 within the lipolytic cascade (By similarity). Also possesses acylglycerol transacylase and phospholipase A2 activities (By similarity). Transfers fatty acid from triglyceride to retinol, hydrolyzes retinylesters, and generates 1,3-diacylglycerol from triglycerides (By similarity). Regulates adiposome size and may be involved in the degradation of adiposomes (By similarity). May play an important role in energy homeostasis (By similarity). May play a role in the response of the organism to starvation, enhancing hydrolysis of triglycerides and providing free fatty acids to other tissues to be oxidized in situations of energy depletion (By similarity). a triacylglycerol + H2O = a diacylglycerol + a fatty acid + H(+) a triacyl-sn-glycerol + H2O = a 1,2-diacylglycerol + a fatty acid + H(+) a triacyl-sn-glycerol + H2O = 1,3-diacyl-sn-glycerol + a fatty acid + H(+) a triacyl-sn-glycerol + H2O = a 2,3-diacyl-sn-glycerol + a fatty acid + H(+) a 1,3-diacylglycerol + a 1-acylglycerol = a triacylglycerol + glycerol a 1,2-diacylglycerol + a 1-acylglycerol = a triacylglycerol + glycerol 2 a 1-acylglycerol = a 1,2-diacylglycerol + glycerol a triacyl-sn-glycerol + all-trans-retinol = a diacylglycerol + an all-trans-retinyl ester (9Z)-octadecenoate + 1,2-di-(9Z-octadecenoyl)-glycerol + H(+) = 1,2,3-tri-(9Z-octadecenoyl)-glycerol + H2O 1,2,3-tri-(9Z-octadecenoyl)-glycerol + H2O = (9Z)-octadecenoate + 1,3-di-(9Z-octadecenoyl)-glycerol + H(+) 1,3-di-(9Z-octadecenoyl)-glycerol + 1-(9Z-octadecenoyl)-glycerol = 1,2,3-tri-(9Z-octadecenoyl)-glycerol + glycerol 1,2-di-(9Z-octadecenoyl)-glycerol + 1-(9Z-octadecenoyl)-glycerol = 1,2,3-tri-(9Z-octadecenoyl)-glycerol + glycerol 2 1-(9Z-octadecenoyl)-glycerol = 1,2-di-(9Z-octadecenoyl)-glycerol + glycerol 1,2,3-tri-(9Z-octadecenoyl)-glycerol + all-trans-retinol = all-trans-retinyl 9Z-octadecenoate + di-(9Z)-octadecenoylglycerol 1,2,3-tri-(9Z)-hexadecenoylglycerol + H2O = (9Z)-hexadecenoate + 1,3-di-(9Z)-hexadecenoylglycerol + H(+) 1,2,3-tri-(9Z,12Z)-octadecadienoylglycerol + H2O = (9Z,12Z)-octadecadienoate + 1,3-di-(9Z,12Z)-octadecadienoylglycerol + H(+) 1,2,3-tri-(9Z,12Z,15Z)-octadecatrienoylglycerol + H2O = (9Z,12Z,15Z)-octadecatrienoate + 1,3-di-(9Z,12Z,15Z)-octadecatrienoylglycerol + H(+) 1,3-di-(9Z)-octadecenoyl-2-hexadecanoylglycerol + H2O = 1,3-di-(9Z-octadecenoyl)-glycerol + H(+) + hexadecanoate 1,2-di-(9Z)-octadecenoyl-3-hexadecanoyl-sn-glycerol + H2O = (9Z)-octadecenoate + 1-(9Z)-octadecenoyl-3-hexadecanoyl-sn-glycerol + H(+) 1-hexadecanoyl-2,3-di-(9Z)-octadecenoyl-sn-glycerol + H2O = (9Z)-octadecenoate + 1-hexadecanoyl-3-(9Z)-octadecenoyl-sn-glycerol + H(+) 1,2,3-tri-(9Z-octadecenoyl)-glycerol + H2O = (9Z)-octadecenoate + 2,3-di-(9Z)-octadecenoyl-sn-glycerol + H(+) 1,2,3-tri-(9Z)-hexadecenoylglycerol + H2O = (9Z)-hexadecenoate + 2,3-di-(9Z)-hexadecenoyl-sn-glycerol + H(+) 1,2,3-tri-(9Z,12Z)-octadecadienoylglycerol + H2O = (9Z,12Z)-octadecadienoate + 2,3-di-(9Z,12Z)-octadecadienoyl-sn-glycerol + H(+) 1,2,3-tri-(9Z,12Z,15Z)-octadecatrienoylglycerol + H2O = (9Z,12Z,15Z)-octadecatrienoate + 2,3-di-(9Z,12Z,15Z)-octadecatrienoyl-sn-glycerol + H(+) 1,3-di-(9Z)-octadecenoyl-2-hexadecanoylglycerol + H2O = (9Z)-octadecenoate + 2-hexadecanoyl-3-(9Z)-octadecenoyl-sn-glycerol + H(+) 1-hexadecanoyl-2,3-di-(9Z)-octadecenoyl-sn-glycerol + H2O = 2,3-di-(9Z)-octadecenoyl-sn-glycerol + H(+) + hexadecanoate 1,2-di-(9Z)-octadecenoyl-3-hexadecanoyl-sn-glycerol + H2O = (9Z)-octadecenoate + 2-(9Z-octadecenoyl)-3-hexadecanoyl-sn-glycerol + H(+) a 1,2-diacyl-sn-glycero-3-phosphocholine + H2O = a 1-acyl-sn-glycero-3-phosphocholine + a fatty acid + H(+) Glycerolipid metabolism; triacylglycerol degradation. Interacts with ABHD5; this association stimulates PNPLA2 triglyceride hydrolase activity (By similarity). Interacts with SERPINF1; this interaction stimulates the phospholipase A2 activity of PNPLA2 (By similarity). Despite a colocalization in lipid droplets, it probably does not interact with PLIN (By similarity). Interacts with PLIN5; prevents interaction with ABHD5 (PubMed:23408028, PubMed:24303154). Interacts with FAF2 (By similarity). Increased by rosiglitazone in subcutaneous and visceral white adipose tissue. Phosphorylation at Ser-398 by PKA is increased during fasting and moderate intensity exercise, and moderately increases lipolytic activity.