Degrades abnormal exported proteins and responsible for the propeptide processing of a natural pro-protein and for the maturation of a native protein. It also plays a prominent role in stress (heat shock, ethanol, puromycin and NaCl) resistance during active exponential growth. Acts on substrates that are at least partially unfolded. The cleavage site P1 residue is normally between a pair of hydrophobic residues, such as Val-|-Val. Induced during stress conditions. Inactivation leads to growth thermo-sensitivity and reduce the efficiency of secretion of the recombinant protein produced, although the protein produced is completely stabilized. Cells lacking this gene show an alteration of surface properties. Belongs to the peptidase S1C family.