Major lipase in white adipose tissue (By similarity). Involved in the metabolism of xenobiotics and of natural substrates. Hydrolyzes triacylglycerols and monoacylglycerols, with a preference for monoacylglycerols. The susceptibility of the substrate increases with decreasing acyl chain length of the fatty acid moiety. Catalyzes the synthesis of fatty acid ethyl esters (PubMed:1429692). Hydrolyzes retinyl esters (PubMed:12230550). all-trans-retinyl hexadecanoate + H2O = all-trans-retinol + H(+) + hexadecanoate a carboxylic ester + H2O = a carboxylate + an alcohol + H(+) a long-chain fatty acyl ethyl ester + H2O = a long-chain fatty acid + ethanol + H(+) FAEE-synthesizing and PNPB-hydrolyzing activities are both inhibited by DFP. kcat is 0.22 min(-1) with retinyl palmitate as substrate. Optimum pH for FAEE synthesis is 7.0. Optimum pH for PNPB-hydrolyzing activity is 6-8. Homotrimer. Detected in liver, lung and testis, but not in kidney (at protein level). Belongs to the type-B carboxylesterase/lipase family.