RelevanceConverts phosphatidylinositol 4,5-bisphosphate to phosphatidylinositol 4-phosphate. Also converts inositol 1,4,5-trisphosphate to inositol 1,4-bisphosphate and inositol 1,3,4,5-tetrakisphosphate to inositol 1,3,4-trisphosphate. May function in lysosomal membrane trafficking by regulating the specific pool of phosphatidylinositol 4,5-bisphosphate that is associated with lysosomes.Synonyms: INPP5F, Inositol polyphosphate 5-phosphatase OCRL-1, Lowe oculocerebrorenal syndrome protein, OCRL-1, OCRL1