Involved in the detoxification of xenobiotics and in the activation of ester and amide prodrugs. Hydrolyzes retinyl esters (By similarity). Hydrolyzes p-nitrophenyl butyrate (PNPB), triacylglycerol and monoacylglycerol. Shows higher activity against PNPB, a short-chain fatty acid ester, than against triolein, a long-chain fatty acid ester. Shows no detectable activity against diacylglycerol, cholesterol ester or phospholipids. May play a role in adipocyte lipolysis. a carboxylic ester + H2O = a carboxylate + an alcohol + H(+) all-trans-retinyl hexadecanoate + H2O = all-trans-retinol + H(+) + hexadecanoate Expressed in liver, white and brown adipose tissue, kidney, intestine, adrenal, heart and ovary. Not detected in muscle, lung, testis, brain and spleen. Induced by fasting and repressed by refeeding. May be produced at very low levels due to a premature stop codon in the mRNA, leading to nonsense-mediated mRNA decay. Belongs to the type-B carboxylesterase/lipase family.