Provided is a method of producing one or more of a carbohydrate ester, a protein ester, a protein subunit ester or a hydroxyl acid ester. The method comprises admixing an acyl donor, an acyl acceptor and water to produce a high water environment comprising 5-98% water. Preferably, the acyl donor is a lipid substrate selected from one or more of the group consisting of a phospholipid, a lysophospholipid, a triacylglyceride, a diglyceride, a glycolipid or a lysoglycolipid. Preferably, the acyl acceptor is selected from one ore more of the group consisting of a carbohydrate, a protein, a protein subunit, or a hydroxyl acid. The method further comprises contacting the admixture with a lipid acyltransferase, such that said lipid acyl transferase catalyses alcoholysis and/or transesterification.