diff --git a/docs/CHANGELOG.md b/docs/CHANGELOG.md
index 4e38e7784..65d856715 100644
--- a/docs/CHANGELOG.md
+++ b/docs/CHANGELOG.md
@@ -18,6 +18,10 @@ nav_order: 5
 
     *Alexandre Ignjatovic*
 
+* Reduce UnboundMethod objects by memoizing initialize_parameters
+
+    *Rainer Borene*
+
 * Improve docs about inline templates interpolation.
 
     *Hans Lemuet*
diff --git a/lib/view_component/base.rb b/lib/view_component/base.rb
index 9dd3944af..0bdee95af 100644
--- a/lib/view_component/base.rb
+++ b/lib/view_component/base.rb
@@ -553,6 +553,7 @@ def identifier
       # @param parameter [Symbol] The parameter name used when rendering elements of a collection.
       def with_collection_parameter(parameter)
         @provided_collection_parameter = parameter
+        @initialize_parameters = nil
       end
 
       # Strips trailing whitespace from templates before compiling them.
@@ -648,7 +649,7 @@ def initialize_parameter_names
       end
 
       def initialize_parameters
-        instance_method(:initialize).parameters
+        @initialize_parameters ||= instance_method(:initialize).parameters
       end
 
       def provided_collection_parameter