In view of the small size of the putative binding pocket, it has been proposed that it may act as an amidase or a peptidase (By similarity). Exhibits a weak phospholipase activity, acting on various phospholipids, including phosphatidylcholine, phosphatidylinositol, phosphatidylethanolamine and lysophospholipids. Optimum pH is 7.4. May form a homodimer, each monomer is composed of a chain A and a chain B. Expressed in neutrophils and monocytes. The maturation cleavages that produces chains A and B are required to open the putative substrate binding pocket. Both chains A and B remain associated in the mature protein. Belongs to the phospholipase B-like family.