diff --git a/.gitignore b/.gitignore
index 095c21015..2c8a12ca0 100644
--- a/.gitignore
+++ b/.gitignore
@@ -1,3 +1,4 @@
+ipcache
 *.ip_user_files
 *.cache
 *.data
diff --git a/Makefile b/Makefile
index 4d2d0434d..d830132db 100644
--- a/Makefile
+++ b/Makefile
@@ -25,7 +25,7 @@ SUBPROJECTS := $(foreach projname,$(PROJECTS), \
 	$(foreach archname,$(notdir $(subst /Makefile,,$(wildcard projects/$(projname)/*/Makefile))), \
 		$(projname).$(archname)))
 
-.PHONY: lib all clean clean-all $(SUBPROJECTS)
+.PHONY: lib all clean clean-ipcache clean-all $(SUBPROJECTS)
 
 $(SUBPROJECTS):
 	$(MAKE) -C projects/$(subst .,/,$@)
@@ -41,8 +41,12 @@ all:
 clean:
 	$(MAKE) -C projects/ clean
 
+clean-ipcache:
+	$(call clean, \
+		ipcache, \
+		$(HL)IP Cache$(NC))
 
-clean-all:clean
+clean-all:clean clean-ipcache
 	$(MAKE) -C projects/ clean
 	$(MAKE) -C library/ clean
 
diff --git a/projects/scripts/adi_project.tcl b/projects/scripts/adi_project.tcl
index 68946d220..b7ec6cd80 100644
--- a/projects/scripts/adi_project.tcl
+++ b/projects/scripts/adi_project.tcl
@@ -122,6 +122,14 @@ proc adi_project_xilinx {project_name {mode 0}} {
     lappend lib_dirs $ad_phdl_dir/library
   }
 
+  # Set a common IP cache for all projects
+  if {$ADI_USE_OOC_SYNTHESIS == 1} {
+    if {[file exists $ad_hdl_dir/ipcache] == 0} {
+      file mkdir $ad_hdl_dir/ipcache
+    }
+    config_ip_cache -import_from_project -use_cache_location $ad_hdl_dir/ipcache
+  }
+
   set_property ip_repo_paths $lib_dirs [current_fileset]
   update_ip_catalog