Cleaves glycosylphosphatidylinositol (GPI) and phosphatidylinositol (PI) anchors but not PI phosphates. a 1,2-diacyl-sn-glycero-3-phospho-(1D-myo-inositol) = 1D-myo-inositol 1,2-cyclic phosphate + a 1,2-diacyl-sn-glycerol