The disclosed embodiments provide techniques for reducing address-translation latency and the serialization latency of combined TLB and data cache misses in a coherent shared-memory system. For instance, the last-level TLB structures of two or more multiprocessor nodes can be configured to act together as either a distributed shared last-level TLB or a directory-based shared last-level TLB. Such TLB-sharing techniques increase the total amount of useful translations that are cached by the system, thereby reducing the number of page-table walks and improving performance. Furthermore, a coherent shared-memory system with a shared last-level TLB can be further configured to fuse TLB and cache misses such that some of the latency of data coherence operations is overlapped with address translation and data cache access latencies, thereby further improving the performance of memory operations.