Enables inositol-polyphosphate 5-phosphatase activity and phosphatidylinositol-3,4,5-trisphosphate binding activity. Involved in several processes, including inositol trisphosphate metabolic process; negative regulation of DNA replication; and negative regulation of signal transduction. Located in lamellipodium. Human ortholog(s) of this gene implicated in hypertension; obesity; and type 2 diabetes mellitus. Orthologous to human INPPL1 (inositol polyphosphate phosphatase like 1). [provided by Alliance of Genome Resources, Apr 2022]