Enables phosphatidylinositol-4,5-bisphosphate 5-phosphatase activity. Acts upstream of or within in utero embryonic development and phosphatidylinositol dephosphorylation. Predicted to be located in several cellular components, including cytoplasmic vesicle; photoreceptor outer segment; and trans-Golgi network. Predicted to be active in cytoplasm and membrane. Is expressed in several structures, including brain; eye; genitourinary system; heart; and liver. Used to study oculocerebrorenal syndrome. Human ortholog(s) of this gene implicated in Dent disease and oculocerebrorenal syndrome. Orthologous to human OCRL (OCRL inositol polyphosphate-5-phosphatase). [provided by Alliance of Genome Resources, Apr 2022]