1. A system comprising: a cache manager to: receive a request to store an object in a memory cache associated with an application that is running on a plurality of virtual machines, a first virtual machine of the plurality of virtual machines having a local memory cache and a shared memory cache, the local memory cache being private to the first virtual machine, the shared memory cache being shared by the first virtual machine and a second virtual machine of the plurality of virtual machines; determine that a cache region of the memory cache is associated with a storage policy, the storage policy specifying that objects to be stored in the cache region are to be stored in the local memory cache and that a garbage collector is not to remove objects stored in the cache region from the local memory cache; identify that the object has no potential for storage in the shared memory cache; and store the object in the cache region of the memory cache based on the determining that the cache region is associated with the storage policy and the identifying that the object has no potential for storage in the shared memory cache.