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:18164358, PubMed:20625037). May be responsible for the hydrolysis of cholesterol esters (such as cholesteryl (9Z-octadecenoate)) in macrophages (PubMed:18782767). Also involved in organ detoxification by hydrolyzing exogenous organophosphorus compounds (PubMed:15840715, PubMed:16978018, PubMed:18164358). 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(+) Inhibited by bulky trifluoromethyl ketones. Optimum pH is 7.2 for cholesterol ester hydrolysis. Present in brain, heart, kidney, lung, spinal cord and testis but not liver (at protein level). Expressed in peritoneal macrophages and kidney. N-glycosylated. Mice are phenotypically normal but more sensitive to organophosphorus insecticide toxicity. Belongs to the 'GDXG' lipolytic enzyme family. Extended N-terminus.