diff --git a/dlls/msi/action.c b/dlls/msi/action.c
index 9407d365202..d95960590cd 100644
--- a/dlls/msi/action.c
+++ b/dlls/msi/action.c
@@ -995,13 +995,6 @@ UINT msi_load_all_components( MSIPACKAGE *package )
     if (r != ERROR_SUCCESS)
         return r;
 
-    if (!msi_init_assembly_caches( package ))
-    {
-        ERR("can't initialize assembly caches\n");
-        msiobj_release( &view->hdr );
-        return ERROR_FUNCTION_FAILED;
-    }
-
     r = MSI_IterateRecords(view, NULL, load_component, package);
     msiobj_release(&view->hdr);
     return r;
@@ -8094,6 +8087,12 @@ UINT ACTION_PerformAction(MSIPACKAGE *package, const WCHAR *action)
 
     TRACE("Performing action (%s)\n", debugstr_w(action));
 
+    if (!msi_init_assembly_caches( package ))
+    {
+        ERR("can't initialize assembly caches\n");
+        return ERROR_FUNCTION_FAILED;
+    }
+
     package->action_progress_increment = 0;
     rc = ACTION_HandleStandardAction(package, action);
 
diff --git a/dlls/msi/assembly.c b/dlls/msi/assembly.c
index f46ff02eeb6..cb406111c9b 100644
--- a/dlls/msi/assembly.c
+++ b/dlls/msi/assembly.c
@@ -41,6 +41,7 @@ static HRESULT (WINAPI *pCreateAssemblyNameObject)( IAssemblyName **, LPCWSTR, D
 static HRESULT (WINAPI *pCreateAssemblyEnum)( IAssemblyEnum **, IUnknown *, IAssemblyName *, DWORD, LPVOID );
 
 static HMODULE hfusion10, hfusion11, hfusion20, hfusion40, hmscoree, hsxs;
+static BOOL assembly_caches_initialized;
 
 static BOOL init_function_pointers( void )
 {
@@ -91,12 +92,16 @@ static BOOL init_function_pointers( void )
 
 BOOL msi_init_assembly_caches( MSIPACKAGE *package )
 {
+    if (assembly_caches_initialized) return TRUE;
     if (!init_function_pointers()) return FALSE;
+
     if (pCreateAssemblyCacheSxs( &package->cache_sxs, 0 ) != S_OK) return FALSE;
     if (pCreateAssemblyCacheNet10) pCreateAssemblyCacheNet10( &package->cache_net[CLR_VERSION_V10], 0 );
     if (pCreateAssemblyCacheNet11) pCreateAssemblyCacheNet11( &package->cache_net[CLR_VERSION_V11], 0 );
     if (pCreateAssemblyCacheNet20) pCreateAssemblyCacheNet20( &package->cache_net[CLR_VERSION_V20], 0 );
     if (pCreateAssemblyCacheNet40) pCreateAssemblyCacheNet40( &package->cache_net[CLR_VERSION_V40], 0 );
+
+    assembly_caches_initialized = TRUE;
     return TRUE;
 }