A system, computer program product and method for managing a cache of a virtual machine. A cache is defined in memory, and a virtual machine is assigned to the cache. An identity of the cache is recorded in storage. The virtual machine terminates, and the cache and contents of the cache are preserved despite the termination of the virtual machine, such that if the virtual machine subsequently resumes operating, the virtual machine can access the cache and its contents. There is also a system, method and computer program product for managing a cache of an LPAR. A cache is defined in memory, and assigned to an LPAR. A record is made of an identity of the cache in storage. The LPAR terminates, and the cache and contents of the cache are preserved despite the termination of the LPAR, such that if the LPAR subsequently resumes operating, the LPAR can access the cache and its contents.