Involved in the detoxification of xenobiotics and in the activation of ester and amide prodrugs. Hydrolyzes retinyl esters (PubMed:12230550). Hydrolyzes p-nitrophenyl butyrate (PNPB), triacylglycerol and monoacylglycerol. Shows higher activity against PNPB, a short-chain fatty acid ester, than against triolein, a long-chain fatty acid ester. Shows no detectable activity against diacylglycerol, cholesterol ester or phospholipids. May play a role in adipocyte lipolysis (By similarity). a carboxylic ester + H2O = a carboxylate + an alcohol + H(+) all-trans-retinyl hexadecanoate + H2O = all-trans-retinol + H(+) + hexadecanoate kcat is 0.45 min(-1) with retinyl palmitate as substrate. Expressed in liver and kidney. Belongs to the type-B carboxylesterase/lipase family.