Predicted to enable phosphatidylinositol-4,5-bisphosphate 4-phosphatase activity. Involved in positive regulation of TORC1 signaling and proton-transporting V-type ATPase complex assembly. Located in bounding membrane of organelle and plasma membrane. Orthologous to human PIP4P1 (phosphatidylinositol-4,5-bisphosphate 4-phosphatase 1). [provided by Alliance of Genome Resources, Apr 2022]