Guanine nucleotide exchange factor for the small GTPase RALA. May be involved in cytoskeletal organization. May also be involved in the stimulation of transcription in a Ras-independent fashion (By similarity). Interacts with the SH3 domains of GRB2 and PLCG1. Interacts with RALA. Associates with membranes through the PH domain. The PH domain mediates binding to phosphatidylinositol 4,5-bisphosphate. RALGPS2 is a potential candidate gene for susceptibility to Alzheimer disease linked to 1q24.