Complexes with metalloproteinases (such as collagenases) and irreversibly inactivates them by binding to their catalytic zinc cofactor. Interacts (via the C-terminal) with MMP2 (via the C-terminal PEX domain); the interaction inhibits the MMP2 activity. The activity of TIMP2 is dependent on the presence of disulfide bonds. Belongs to the protease inhibitor I35 (TIMP) family.