Pellets of Tyromyces sambuceus were cultured in standard liquid media that contained a natural triacylglycerol as an additional carbon source. Parallel to a drop of pH below 2.0 and the formation of R(+)-4-decanolide, the oil droplets disappeared. Assays based on 3-naphthyl ester showed that most of the lipolytic and esterolytic enzyme activities were membrane-associated. The time course of enzyme activities after addition of castor oil suggested an inducibility of both membrane-bound and intracellular lipases, while only the intracellular esterases responded significantly. The results could contribute to improving the biotechnological generation of lipid-derived flavours and other compounds.