Has phosphatase activity toward PtdIns(4,5)P2 and PtdIns(3,4,5)P3 (PubMed:19473324). Required for the patterning of procambium and during the differentiation of vascular tissues. Acts before the acquisition of preprocambial identity. Seems to be also involved in the abscisic acid (ABA) signaling pathway (PubMed:10559439, PubMed:15100402). Acts redundantly with CVL1 for maintaining vascular continuity (PubMed:19363154, PubMed:25813544). Regulates phosphoinositide-dependent VAN3 localization (PubMed:19473324). a 1,2-diacyl-sn-glycero-3-phospho-(1D-myo-inositol-4,5-bisphosphate) + H2O = a 1,2-diacyl-sn-glycero-3-phospho-(1D-myo-inositol 4-phosphate) + phosphate a 1,2-diacyl-sn-glycero-3-phospho-(1D-myo-inositol-3,4,5-trisphosphate) + H2O = a 1,2-diacyl-sn-glycero-3-phospho-(1D-myo-inositol-3,4-bisphosphate) + phosphate Broadly expressed in emerging organs. Mostly localized in procambium of growing organs. Restricted to vascular differentiating cells of young organs. During early stages of embryogenesis, broadly expressed throughout globular and torpedo stages. At late torpedo stage, strongly expressed in developing vascular cells and weakly expressed in surrounding cells. By the walking-stick stage, restricted to incipient vascular cells of the apical loop, the midvein of the cotyledon and the root vasculature. In emerging leaves, strongly expressed in procambium and weakly expressed in areole cells. Limited to developing vascular cells in later stage of leaf development. In roots, expressed in procambium of the elongating zone and in immature vascular cells of the root differentiation zone. During inflorescence development, broadly expressed in young floral buds, and gradually restricted to procambium of cauline leaves, sepals, petals, gynoecia and anthers. CVP2 overexpression impairs protophloeme sieve element differentiation and overall root growth. Cvp1 and cvp2 double mutant displays high PtdIns(4,5)P2 levels. May be due to a competing donor splice site. Belongs to the inositol polyphosphate 5-phosphatase family. Sequencing errors.