Lysophosphatidylserine (LPS) lipase that mediates the hydrolysis of lysophosphatidylserine; a class of signaling lipids that regulates immunological and neurological processes.Represents a major lysophosphatidylserine lipase in the brain; thereby playing a key role in the central nervous system (By similarity). Also able to hydrolyze oxidized phosphatidylserine; oxidized phosphatidylserine is produced in response to severe inflammatory stress and constitutes a proapoptotic 'eat me' signal lipase activity: hydrolyzes 2-arachidonoylglycerol (2-AG); thereby acting as a regulator of endocannabinoid signaling pathways.Has a strong preference for very-long-chain lipid substrates; substrate specificity is likely due to improved catalysis and not improved substrate binding.