Hydrolyzes 2-acetyl monoalkylglycerol ether (1-O-alkyl-2-acetyl-sn-glycerol), the penultimate precursor of the pathway for de novo synthesis of platelet-activating factor (PubMed:17052608). May be responsible for the hydrolysis of cholesterol esters (such as cholesteryl (9Z-octadecenoate)) in macrophages (By similarity). Also involved in organ detoxification by hydrolyzing exogenous organophosphorus compounds (By similarity). May contribute to cancer pathogenesis by promoting tumor cell migration (PubMed:17052608). a 1-O-alkyl-2-acetyl-sn-glycerol + H2O = 1-O-alkyl-sn-glycerol + acetate + H(+) 1-O-hexadecyl-2-acetyl-sn-glycerol + H2O = 1-O-hexadecyl-sn-glycerol + acetate + H(+) a cholesterol ester + H2O = a fatty acid + cholesterol + H(+) cholesteryl (9Z-octadecenoate) + H2O = (9Z)-octadecenoate + cholesterol + H(+) Expressed in monocyte-derived macrophages. Up-regulated in invasive melanoma and breast carcinoma cell lines. N-glycosylated. Belongs to the 'GDXG' lipolytic enzyme family. Extended N-terminus. Extended N-terminus. Extended N-terminus. Extended N-terminus. Extended N-terminus. Extended N-terminus. Extended N-terminus. Extended N-terminus.