Lipase with broad substrate specificity, catalyzing the hydrolysis of triacylglycerols (TAGs), diacylglycerols (DAGs), monoacylglycerols (MAGs), cholesteryl esters and retinyl esters (PubMed:6643478, PubMed:9162045, PubMed:10694408). Shows a preferential hydrolysis of DAGs over TAGs and MAGs and preferentially hydrolyzes the fatty acid (FA) esters at the sn-3 position of DAGs (By similarity). Preferentially hydrolyzes fatty acids at the sn-1 and sn-2 positions of TAGs (PubMed:6643478). 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 (PubMed:1770312). 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. cholesteryl (9Z-octadecenoate) + H2O = (9Z)-octadecenoate + cholesterol + H(+) all-trans-retinyl hexadecanoate + H2O = all-trans-retinol + H(+) + hexadecanoate 1,2-di-(9Z-octadecenoyl)-glycerol + H2O = (9Z)-octadecenoate + 2-(9Z-octadecenoyl)-glycerol + H(+) 1-(9Z-octadecenoyl)-glycerol + H2O = (9Z)-octadecenoate + glycerol + H(+) (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(+) 1,2,3-tri-(9Z-octadecenoyl)-glycerol + H2O = (9Z)-octadecenoate + di-(9Z)-octadecenoylglycerol + H(+) 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(+) 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(+) Rapidly activated by cAMP-dependent phosphorylation under the influence of catecholamines (PubMed:6374655). Dephosphorylation and inactivation are controlled by insulin (PubMed:6374655). cAMP stimulates its retinyl ester hydrolase activity (PubMed:9162045). Glycerolipid metabolism; triacylglycerol degradation. Monomer and homodimer (PubMed:10694408). Interacts with CAVIN1 in the adipocyte cytoplasm (By similarity). Interacts with PLIN5 (PubMed:24303154). Found in the high-density caveolae (By similarity). Translocates to the cytoplasm from the caveolae upon insulin stimulation (By similarity). Phosphorylation by AMPK reduces its translocation towards the lipid droplets. Highly expressed in the adipose tissue (PubMed:1770312). Also expressed in the heart, adrenal gland and testis (PubMed:1770312, PubMed:8812477). Levels do not vary in adipose tissue from epididymal fat pads between 3 weeks and 2 years of age (PubMed:1770312). In heart, levels are lowest in the fetus, increase rapidly within the first day postnatally, and then gradually increase to stable adult levels by 2 months that are 3-fold higher than observed in fetal rats (PubMed:1770312). Levels in the adrenals are lowest in fetal rats, increase 4-fold during the first day and peak at levels that are 9-fold higher by the end of the first week (PubMed:1770312). Thereafter, levels fall and remain 3-to 4-fold higher than at birth throughout adult life (PubMed:1770312). Undetectable in testis before 4 weeks of age and increase 25-fold to stable adult levels between 4 and 12 weeks (PubMed:1770312). Phosphorylation by AMPK reduces its translocation towards the lipid droplets. Belongs to the 'GDXG' lipolytic enzyme family.