A system and method for performing protected-mode data transactions using an initiator cache is provided. In some embodiments, a protected-mode data transaction is received from an initiator. It is determined that the initiator includes an initiator cache having a cache entry associated with the data transaction. A storage controller of a storage system performs the data transaction in conjunction with a storage device such that the performing of the data transaction is initiated before any writing of the data transaction to a cache of any storage controller of the storage system other than the storage controller based on the determination that the initiator includes the cache entry. In some such embodiments, when it is determined the data transaction failed to complete, a request is provided to the initiator to recreate the transaction from the cache entry in the initiator cache.