Lipoprotein-associated calcium-independent phospholipase A2 involved in phospholipid catabolism during inflammatory and oxidative stress response (PubMed:10066756, PubMed:18434304). At the lipid-aqueous interface, hydrolyzes the ester bond of fatty acyl group attached at sn-2 position of phospholipids (phospholipase A2 activity) (PubMed:10066756, PubMed:18434304). Specifically targets phospholipids with a short-chain fatty acyl group at sn-2 position. Can hydrolyze phospholipids with long fatty acyl chains, only if they carry oxidized functional groups (By similarity). Hydrolyzes and inactivates platelet-activating factor (PAF, 1-O-alkyl-2-acetyl-sn-glycero-3-phosphocholine), a potent pro-inflammatory signaling lipid that acts through PTAFR on various innate immune cells (PubMed:10066756, PubMed:18434304). Hydrolyzes oxidatively truncated phospholipids carrying an aldehyde group at omega position, preventing their accumulation in lipoprotein particles and uncontrolled pro-inflammatory effects (By similarity). As part of high-density lipoprotein (HDL) particles, can hydrolyze phospholipids having long-chain fatty acyl hydroperoxides at sn-2 position and protect against potential accumulation of these oxylipins in the vascular wall (By similarity). Catalyzes the release from membrane phospholipids of F2-isoprostanes, lipid biomarkers of cellular oxidative damage (By similarity). a 1-O-alkyl-2-acetyl-sn-glycero-3-phosphocholine + H2O = 1-O-alkyl-sn-glycero-3-phosphocholine + acetate + H(+) 1-O-decyl-2-acetyl-sn-glycero-3-phosphocholine + H2O = 1-O-decyl-sn-glycero-3-phosphocholine + acetate + H(+) 1-O-dodecyl-2-acetyl-sn-glycero-3-phosphocholine + H2O = 1-O-dodecyl-sn-glycero-3-phosphocholine + acetate + H(+) 1-O-tetradecyl-2-acetyl-sn-glycero-3-phosphocholine + H2O = 1-O-tetradecyl-sn-glycero-3-phosphocholine + acetate + H(+) 1-O-hexadecyl-2-acetyl-sn-glycero-3-phosphocholine + H2O = 1-O-hexadecyl-sn-glycero-3-phosphocholine + acetate + H(+) 1-O-octadecyl-2-acetyl-sn-glycero-3-phosphocholine + H2O = 1-O-octadecyl-sn-glycero-3-phosphocholine + acetate + H(+) 1-hexadecanoyl-2-acetyl-sn-glycero-3-phosphocholine + H2O = 1-hexadecanoyl-sn-glycero-3-phosphocholine + acetate + H(+) 1-hexadecanoyl-2-propionyl-sn-glycero-3-phosphocholine + H2O = 1-hexadecanoyl-sn-glycero-3-phosphocholine + H(+) + propanoate 1-hexadecanoyl-2-butanoyl-sn-glycero-3-phosphocholine + H2O = 1-hexadecanoyl-sn-glycero-3-phosphocholine + butanoate + H(+) 1-hexadecanoyl-2-pentanoyl-sn-glycero-3-phosphocholine + H2O = 1-hexadecanoyl-sn-glycero-3-phosphocholine + H(+) + pentanoate 1-hexadecanoyl-2-glutaroyl-sn-glycero-3-phosphocholine + H2O = 1-hexadecanoyl-sn-glycero-3-phosphocholine + glutarate + H(+) 1-hexadecanoyl-2-(5-oxopentanoyl)-sn-glycero-3-phosphocholine + H2O = 1-hexadecanoyl-sn-glycero-3-phosphocholine + 5-oxopentanoate + H(+) 1-hexadecanoyl-2-(9-oxononanoyl)-sn-glycero-3-phosphocholine + H2O = 1-hexadecanoyl-sn-glycero-3-phosphocholine + 9-oxononanoate + H(+) 1-hexadecanoyl-2-[9-hydroperoxy-(10E-octadecenoyl)]-sn-glycero-3-phosphocholine + H2O = 1-hexadecanoyl-sn-glycero-3-phosphocholine + 9-hydroperoxy-10E-octadecenoate + H(+) 1-hexadecanoyl-2-(10-hydroperoxy-8E-octadecenoyl)-sn-glycero-3-phosphocholine + H2O = 1-hexadecanoyl-sn-glycero-3-phosphocholine + 10-hydroperoxy-8E-octadecenoate + H(+) Associates with HDL particles in plasma. Plasma. N-glycosylated. Mutant mice show increased susceptibility to neonatal necrotizing enterocolitis in response to formula feeding, bacterial colonization, and asphyxia/ cold stress. Belongs to the AB hydrolase superfamily. Lipase family.