Enables cholate-CoA ligase activity and fatty acid transmembrane transporter activity. Acts upstream of or within several processes, including ketone body biosynthetic process; long-chain fatty acid import across plasma membrane; and triglyceride mobilization. Located in basal plasma membrane. Is expressed in liver. Orthologous to human SLC27A5 (solute carrier family 27 member 5). [provided by Alliance of Genome Resources, Apr 2022]