Reaction catalyzed by glycosylphosphatidylinositol phospholipase D (3.1.4.50)

	membrane form of variant-surface-glycoprotein	+		H2O	=			+		variant-surface-glycoprotein inositol
	membrane form of variant-surface-glycoprotein	+		H2O	=		phosphatidic acid	+		variant-surface-glycoprotein inositol