The PI(3,5)P2 regulatory complex regulates both the synthesis and turnover of phosphatidylinositol 3,5-bisphosphate (PtdIns(3,5)P2). Necessary for proper vacuole morphology. Plays an important role in osmotically-induced vacuole fragmentation. Involved in correct ATG9 trafficking to the pre-autophagosomal structure. Might also be involved in premeiotic DNA replication (By similarity). Required for cytoplasm to vacuole transport (Cvt) vesicle formation, autophagy, glucose-induced micropexophagy and ethanol-induced macropexophagy. Required for the involution of the vacuole that occurs during micropexophagy. Involved in the recruitment of ATG2 to punctate structures when cells are grown on glucose. Component of the PI(3,5)P2 regulatory complex. The N-terminus might form a beta-propeller domain involved in specific binding to phosphatidylinositol 3,5-bisphosphate (PIP2), leading to the association of the protein to the membrane. The L/FRRG motif is essential for the cytoplasm to vacuole transport (Cvt) pathway, for the recruitment of ATG8 and ATG16 to the PAS in nutrient-rich medium, and for its recruitment to and dissociation from the PAS under starvation conditions. Belongs to the WD repeat PROPPIN family.