Virtual machine (VM) memory allocation and VM consolidation can benefit from the prediction of VM page miss rate at each candidate memory size. Such prediction is challenging for the hypervisor (or VM monitor) due to a lack of knowledge on VM memory access pattern. This paper explores the approach that the hypervisor takes over the management for part of the VM memory and thus all accesses that miss the remaining VM memory can be transparently traced by the hypervisor. For online memory access tracing, its overhead should be small compared to the case that all allocated memory is directly managed by the VM. To save memory space, the hypervisor manages its memory portion as an exclusive cache (i.e., containing only data that is not in the remaining VM memory). To minimize I/O overhead, evicted data from a VM enters its cache directly from VM memory (as opposed to entering from the secondary storage). We guarantee the cache correctness by only caching memory pages whose current content...