Virtualization technology has enabled server consolidation where multiple servers are co-located on a single physical machine to improve resource utilization. In such systems, proportional I/O sharing is critical to meet the SLO (Service-Level Objectives) of the applications running in each virtual instance. However, previous studies focus on block-level I/O proportionality without considering the upper-layer I/O caches, which handle I/O requests on behalf of the underlying storage devices, thereby failing to achieve application-level proportional I/O sharing. To overcome this limitation, we propose a new cache management scheme, Weight-aware Cache (WaC), which reflects the I/O weights on cache allocation and reclamation. Specifically, WaC prioritizes higher-weighted applications in the lock acquisition process of cache allocation by re-ordering the lock waiting queue based on I/O weight. Additionally, WaC keeps the number of cache entries of each application proportional to its I/O weight, through weight-aware cache reclamation. To verify the efficacy of our scheme, we implement and evaluate WaC on both the page cache and bcache. The experimental results demonstrate that our scheme improves I/O proportionality with negligible overhead in various cases.