A set associative cache memory, comprising: an array of storage elements arranged as M sets by N ways; an allocation unit that allocates the storage elements in response to memory accesses that miss in the cache memory. Each memory access selects a set; for each parcel of a plurality of parcels, a parcel specifier specifies: a subset of ways of the N ways included in the parcel. The subsets of ways of parcels associated with a selected set are mutually exclusive; a replacement scheme associated with the parcel from among a plurality of predetermined replacement schemes. For each memory access, the allocation unit: selects the parcel specifier in response to the memory access; and uses the replacement scheme associated with the parcel to allocate into the subset of ways of the selected set included in the parcel.