Enables peptidase activity. Involved in cerebellum development and protein processing. Located in several cellular components, including cytoplasmic vesicle; lysosomal membrane; and sarcolemma. Part of protein-containing complex. Is integral component of presynaptic membrane. Human ortholog(s) of this gene implicated in Alzheimer's disease; hidradenitis suppurativa; and schizophrenia. Orthologous to human NCSTN (nicastrin). [provided by Alliance of Genome Resources, Apr 2022]