Functions as a sorting receptor in the Golgi compartment required for the intracellular sorting and delivery of soluble vacuolar proteins, like carboxypeptidase Y (CPY) and proteinase A. Executes multiple rounds of sorting by cycling between the late Golgi and a prevacuolar endosome-like compartment. Binds the Golgi-modified P2 form of CPY, and this interaction is dependent on the presence of an intact CPY vacuolar protein sorting signal (By similarity). Cycles between the Golgi apparatus and the prevacuolar compartment. Belongs to the VPS10-related sortilin family.