The PI(3,5)P2 regulatory complex regulates both the synthesis and turnover of phosphatidylinositol 3,5-bisphosphate (PtdIns(3,5)P2). Regulates the synthesis of PtdIns(3,5)P2 by positive activation of FAB1 and by controlling SAC/FIG4 localization (By similarity). Component of the PI(3,5)P2 regulatory complex at least composed of ATG18, SAC/FIG4, FAB1 and VAC14. VAC14 nucleates the assembly of the complex and serves as a scaffold (By similarity). A number of isoforms are produced. According to EST sequences. Belongs to the VAC14 family.