Tail-anchored plasma membrane (PM) protein; C-terminal palmitoylation is required for membrane anchoring and protein stability; PM localization is polarized to the daughter cell; contains a conserved, cysteine-rich palmitoylated domain (CYSPD, aka CYSTM); similarity to hydrophilins, proteins involved in the adaptive response to hyperosmotic conditions; CPP1 has a paralog, YDL012C, that arose from the whole genome duplication