Dipeptidyl carboxypeptidase that removes dipeptides from the C-terminus of a variety of circulating hormones, such as angiotensin I, bradykinin or enkephalins, thereby playing a key role in the regulation of blood pressure, electrolyte homeostasis or synaptic plasticity (By similarity). Composed of two similar catalytic domains, each possessing a functional active site, with different selectivity for substrates (By similarity). Plays a major role in the angiotensin-renin system that regulates blood pressure and sodium retention by the kidney by converting angiotensin I to angiotensin II, resulting in an increase of the vasoconstrictor activity of angiotensin (By similarity). Also able to inactivate bradykinin, a potent vasodilator, and therefore enhance the blood pressure response (By similarity). Acts as a regulator of synaptic transmission by mediating cleavage of neuropeptide hormones, such as substance P, neurotensin or enkephalins (By similarity). Catalyzes degradation of different enkephalin neuropeptides (Met-enkephalin, Leu-enkephalin, Met-enkephalin-Arg-Phe and possibly Met-enkephalin-Arg-Gly-Leu) (By similarity). Also acts as a regulator of hematopoietic stem cell differentiation by mediating degradation of hemoregulatory peptide N-acetyl-SDKP (AcSDKP) (By similarity). Release of a C-terminal dipeptide, oligopeptide-|-Xaa-Yaa, when Xaa is not Pro, and Yaa is neither Asp nor Glu. Thus, conversion of angiotensin I to angiotensin II, with increase in vasoconstrictor activity, but no action on angiotensin II. angiotensin I + H2O = angiotensin II + L-histidyl-L-leucine bradykinin + H2O = bradykinin(1-7) + L-Phe-L-Arg H2O + substance P = L-Leu-L-Met-NH2 + substance P(1-9) H2O + substance P = Gly-L-Leu-L-Met-NH2 + substance P(1-8) H2O + substance P = L-Phe-L-Phe-Gly-L-Leu-L-Met-NH2 + substance P(1-6) H2O + neurotensin = L-isoleucyl-L-leucine + neurotensin(1-11) goralatide + H2O = L-lysyl-L-proline + N-acetyl-L-seryl-L-aspartate H2O + Met-enkephalin = L-phenylalanyl-L-methionine + L-tyrosylglycylglycine H2O + Leu-enkephalin = L-phenylalanyl-L-leucine + L-tyrosylglycylglycine H2O + Met-enkephalin-Arg-Phe = L-arginyl-L-phenylalanine + Met-enkephalin Binds 2 Zn(2+) ions per subunit. Binds 3 chloride ions per subunit. Detected in both cell membrane and cytoplasm in neurons. Belongs to the peptidase M2 family.