Exerts both phospholipase and triglyceride lipase activities (PubMed:10192396, PubMed:10318835, PubMed:12032167). More active as a phospholipase than a triglyceride lipase (PubMed:12032167). Hydrolyzes triglycerides, both with short-chain fatty acyl groups (tributyrin) and long-chain fatty acyl groups (triolein) with similar levels of activity toward both types of substrates (PubMed:12032167). Hydrolyzes high density lipoproteins (HDL) more efficiently than other lipoproteins (PubMed:10192396, PubMed:12032167). {ECO:0000269|PubMed:10192396, ECO:0000269|PubMed:10318835, ECO:0000269|PubMed:12032167}. This is the function of Ensembl gene identifier ENSG00000101670 (LIPG, lipase G, endothelial type).