Lipase with broad substrate specificity, catalyzing the hydrolysis of triacylglycerols (TAGs), diacylglycerols (DAGs), monoacylglycerols (MAGs), cholesteryl esters and retinyl esters (By similarity). Shows a preferential hydrolysis of DAGs over TAGs and MAGs (By similarity). Preferentially hydrolyzes fatty acid (FA) esters at the sn-3 position of the glycerol backbone in DAGs and FA esters at the sn-1 and sn-2 positions of the glycerol backbone in TAGs (By similarity). Catalyzes the hydrolysis of 2-arachidonoylglycerol, an endocannabinoid and of 2-acetyl monoalkylglycerol ether, the penultimate precursor of the pathway for de novo synthesis of platelet-activating factor (By similarity). In adipose tissue and heart, it primarily hydrolyzes stored triglycerides to free fatty acids, while in steroidogenic tissues, it principally converts cholesteryl esters to free cholesterol for steroid hormone production (By similarity). a diacylglycerol + H2O = a fatty acid + a monoacylglycerol + H(+) a triacylglycerol + H2O = a diacylglycerol + a fatty acid + H(+) a monoacylglycerol + H2O = a fatty acid + glycerol + H(+) Hydrolyzes glycerol monoesters of long-chain fatty acids. (9Z)-octadecenoate + 1,2-di-(9Z-octadecenoyl)-glycerol + H(+) = 1,2,3-tri-(9Z-octadecenoyl)-glycerol + H2O 2,3-di-(9Z)-octadecenoyl-sn-glycerol + H2O = (9Z)-octadecenoate + 2-(9Z-octadecenoyl)-glycerol + H(+) cholesteryl (9Z-octadecenoate) + H2O = (9Z)-octadecenoate + cholesterol + H(+) 1,2,3-tri-(9Z-octadecenoyl)-glycerol + H2O = (9Z)-octadecenoate + di-(9Z)-octadecenoylglycerol + H(+) all-trans-retinyl hexadecanoate + H2O = all-trans-retinol + H(+) + hexadecanoate 1,2-di-(9Z-octadecenoyl)-glycerol + H2O = (9Z)-octadecenoate + (9Z-octadecenoyl)-glycerol + H(+) 2-(5Z,8Z,11Z,14Z-eicosatetraenoyl)-glycerol + H2O = (5Z,8Z,11Z,14Z)-eicosatetraenoate + glycerol + H(+) 1-(9Z-octadecenoyl)-glycerol + H2O = (9Z)-octadecenoate + glycerol + H(+) 2-(9Z-octadecenoyl)-glycerol + H2O = (9Z)-octadecenoate + glycerol + H(+) 1-O-hexadecyl-2-acetyl-sn-glycerol + H2O = 1-O-hexadecyl-sn-glycerol + acetate + H(+) 1,2-di-(9Z-octadecenoyl)-sn-glycerol + H2O = (9Z)-octadecenoate + (9Z-octadecenoyl)-glycerol + H(+) 1,3-di-(9Z-octadecenoyl)-glycerol + H2O = (9Z)-octadecenoate + (9Z-octadecenoyl)-glycerol + H(+) 1,2-di-(9Z-octadecenoyl)-glycerol + H2O = (9Z)-octadecenoate + 2-(9Z-octadecenoyl)-glycerol + H(+) Glycerolipid metabolism; triacylglycerol degradation. Monomer and homodimer (By similarity). Interacts with CAVIN1 in the adipocyte cytoplasm (By similarity). Interacts with PLIN5 (By similarity). Found in the high-density caveolae. Translocates to the cytoplasm from the caveolae upon insulin stimulation. Phosphorylation by AMPK reduces its translocation towards the lipid droplets. Phosphorylation by AMPK reduces its translocation towards the lipid droplets. Belongs to the 'GDXG' lipolytic enzyme family.