diff --git a/shared/source/memory_manager/memory_manager.cpp b/shared/source/memory_manager/memory_manager.cpp
index 21fe59a39d..0750be2d8b 100644
--- a/shared/source/memory_manager/memory_manager.cpp
+++ b/shared/source/memory_manager/memory_manager.cpp
@@ -81,11 +81,12 @@ MemoryManager::MemoryManager(ExecutionEnvironment &executionEnvironment) : execu
         localMemAllocsSize[rootDeviceIndex].store(0u);
     }
 
-    if (anyLocalMemorySupported || debugManager.isTbxPageFaultManagerEnabled()) {
-        pageFaultManager = CpuPageFaultManager::create();
-        if (anyLocalMemorySupported) {
-            prefetchManager = PrefetchManager::create();
-        }
+    if (debugManager.isTbxPageFaultManagerEnabled()) {
+        initPageFaultManager();
+    }
+
+    if (anyLocalMemorySupported) {
+        prefetchManager = PrefetchManager::create();
     }
 
     if (debugManager.flags.EnableMultiStorageResources.get() != -1) {
@@ -399,6 +400,21 @@ bool MemoryManager::isLimitedRange(uint32_t rootDeviceIndex) {
     return getGfxPartition(rootDeviceIndex)->isLimitedRange();
 }
 
+void MemoryManager::initPageFaultManager() {
+    if (pageFaultManager) {
+        return;
+    }
+
+    static std::mutex pfMtx;
+    std::lock_guard<std::mutex> lock(pfMtx);
+
+    if (pageFaultManager) {
+        return;
+    }
+
+    pageFaultManager = CpuPageFaultManager::create();
+}
+
 void MemoryManager::waitForDeletions() {
     if (deferredDeleter) {
         deferredDeleter->drain(false, false);
diff --git a/shared/source/memory_manager/memory_manager.h b/shared/source/memory_manager/memory_manager.h
index eba25ef469..748db794ff 100644
--- a/shared/source/memory_manager/memory_manager.h
+++ b/shared/source/memory_manager/memory_manager.h
@@ -203,6 +203,8 @@ class MemoryManager {
         return pageFaultManager.get();
     }
 
+    void initPageFaultManager();
+
     PrefetchManager *getPrefetchManager() const {
         return prefetchManager.get();
     }
diff --git a/shared/source/memory_manager/unified_memory_manager.cpp b/shared/source/memory_manager/unified_memory_manager.cpp
index 4d4dcf8f1b..5e7143b481 100644
--- a/shared/source/memory_manager/unified_memory_manager.cpp
+++ b/shared/source/memory_manager/unified_memory_manager.cpp
@@ -853,6 +853,8 @@ void *SVMAllocsManager::createZeroCopySvmAllocation(size_t size, const SvmAlloca
 }
 
 void *SVMAllocsManager::createUnifiedAllocationWithDeviceStorage(size_t size, const SvmAllocationProperties &svmProperties, const UnifiedMemoryProperties &unifiedMemoryProperties) {
+    memoryManager->initPageFaultManager();
+
     auto rootDeviceIndex = unifiedMemoryProperties.getRootDeviceIndex();
     auto externalPtr = reinterpret_cast<void *>(unifiedMemoryProperties.allocationFlags.hostptr);
     bool useExternalHostPtrForCpu = externalPtr != nullptr;