I don't believe I have never run into this before, but I have a Panels page with a few variants based on selection rules. Is there a way that you can serve up cached results for the whole page (not just the individual panes) after the selection rules have run? I am not seeing any options or other modules to get Page Manager to do this.
Did you try any off the following module
This plugin can cache panels based on the path/url (arg() structure).
This is needed if a panel has content which is dynamically per page (eg ad-tags, content related items).
This module provides a hash-based cache for Panels and other Chaos Tools powered displays. This support caching based on any combination of:
Contexts (node, term, user etc) Arguments Drupal Path (args) (same as the Panels Page Cache Module) Full URL (including domain and query string) Users Roles