The invention relates to a newly identified polynucleotide sequence comprising a gene that encodes a novel lipolytic enzyme from Aspergillus niger. The invention features the full length nucleotide sequence of the novel gene, the cDNA sequence comprising the full length coding sequence of the novel lipolytic enzyme as well as the amino acid sequence of the full-length functional protein and functional equivalents thereof. The invention also relates to methods of using these enzymes in industrial processes and methods of diagnosing fungal infections. Also included in the invention are cells transformed with a polynucleotide according to the invention and cells wherein a lipolytic enzyme according to the invention is genetically modified to enhance its activity and/or level of expression.