Autoregulatory, oleate-activated transcription factor; subunit of a heterodimeric complex with Oaf1p, which binds to oleate-response elements (ORE) in the promoter of genes involved in beta-oxidation of fatty acids, peroxisome organization and biogenesis, activating transcription in the presence of oleate; PIP2 has a paralog, OAF1, that arose from the whole genome duplication