diff --git a/src/nnbench/__init__.py b/src/nnbench/__init__.py
index a29f67b..d35141e 100644
--- a/src/nnbench/__init__.py
+++ b/src/nnbench/__init__.py
@@ -11,4 +11,4 @@
 from .core import benchmark, parametrize, product
 from .reporter import BenchmarkReporter
 from .runner import BenchmarkRunner
-from .types import Parameters
+from .types import Memo, Parameters
diff --git a/src/nnbench/types/types.py b/src/nnbench/types/types.py
index 047caa2..bf5e884 100644
--- a/src/nnbench/types/types.py
+++ b/src/nnbench/types/types.py
@@ -5,6 +5,8 @@
 import copy
 import functools
 import inspect
+import logging
+import threading
 from dataclasses import dataclass, field
 from types import MappingProxyType
 from typing import Any, Callable, Generic, Literal, Mapping, Protocol, TypeVar
@@ -14,6 +16,80 @@
 T = TypeVar("T")
 Variable = tuple[str, type, Any]
 
+_memo_cache: dict[int, Any] = {}
+_cache_lock = threading.Lock()
+
+logger = logging.getLogger(__name__)
+
+
+def memo_cache_size() -> int:
+    """
+    Get the current size of the memo cache.
+
+    Returns
+    -------
+    int
+        The number of items currently stored in the memo cache.
+    """
+    return len(_memo_cache)
+
+
+def clear_memo_cache() -> None:
+    """
+    Clear all items from memo cache in a thread_safe manner.
+    """
+    with _cache_lock:
+        _memo_cache.clear()
+
+
+def evict_memo(_id: int) -> Any:
+    """
+    Pop cached item with key `_id` from the memo cache.
+
+    Parameters
+    ----------
+    _id : int
+        The unique identifier (usually the id assigned by the Python interpreter) of the item to be evicted.
+
+    Returns
+    -------
+    Any
+        The value that was associated with the removed cache entry. If no item is found with the given `_id`, a KeyError is raised.
+    """
+    with _cache_lock:
+        return _memo_cache.pop(_id)
+
+
+def cached_memo(fn: Callable) -> Callable:
+    """
+    Decorator that caches the result of a method call based on the instance ID.
+
+    Parameters
+    ----------
+    fn: Callable
+        The method to memoize.
+
+    Returns
+    -------
+    Callable
+        A wrapped version of the method that caches its result.
+    """
+
+    @functools.wraps(fn)
+    def wrapper(self, *args, **kwargs):
+        _tid = id(self)
+        with _cache_lock:
+            if _tid in _memo_cache:
+                logger.debug(f"Returning memoized value from cache with ID {_tid}")
+                return _memo_cache[_tid]
+        logger.debug(f"Computing value on memo with ID {_tid} (cache miss)")
+        value = fn(self, *args, **kwargs)
+        with _cache_lock:
+            _memo_cache[_tid] = value
+        return value
+
+    return wrapper
+
 
 def NoOp(state: State, params: Mapping[str, Any] = MappingProxyType({})) -> None:
     pass
@@ -109,22 +185,24 @@ class State:
 
 
 class Memo(Generic[T]):
-    @functools.cache
-    # TODO: Swap this out for a local type-wide memo cache.
-    #  Could also be a decorator, should look a bit like this:
-    # global memo_cache, memo_cache_lock
-    # _tid = id(self)
-    # val: T
-    # with memocache_lock:
-    #     if _tid in memo_cache:
-    #         val = memo_cache[_tid]
-    #         return val
-    #     val = self.compute()
-    #     memo_cache[_tid] = val
-    #     return val
+    """Abstract base class for memoized values in benchmark runs."""
+
+    # TODO: Make this better than the decorator application
+    #  -> _Cached metaclass like in fsspec's AbstractFileSystem (maybe vendor with license)
+
+    @cached_memo
     def __call__(self) -> T:
+        """Placeholder to override when subclassing. The call should return the to be cached object."""
         raise NotImplementedError
 
+    def __del__(self) -> None:
+        """Delete the cached object and clear it from the cache."""
+        with _cache_lock:
+            sid = id(self)
+            if sid in _memo_cache:
+                logger.debug(f"Deleting cached value for memo with ID {sid}")
+                del _memo_cache[sid]
+
 
 @dataclass(init=False, frozen=True)
 class Parameters:
diff --git a/tests/test_memos.py b/tests/test_memos.py
new file mode 100644
index 0000000..fb96d83
--- /dev/null
+++ b/tests/test_memos.py
@@ -0,0 +1,28 @@
+from typing import Generator
+
+import pytest
+
+from nnbench.types.types import Memo, cached_memo, clear_memo_cache, memo_cache_size
+
+
+@pytest.fixture
+def clear_memos() -> Generator[None, None, None]:
+    try:
+        clear_memo_cache()
+        yield
+    finally:
+        clear_memo_cache()
+
+
+class MyMemo(Memo[int]):
+    @cached_memo
+    def __call__(self):
+        return 0
+
+
+def test_memo_caching(clear_memos):
+    m = MyMemo()
+    assert memo_cache_size() == 0
+    m()
+    assert memo_cache_size() == 1
+    m()