To alleviate the system performance unpredictability of multitasking applications running on multiprocessor platforms with shared memory hierarchies, we propose a task level set based cache partitioning. We evaluate our approach on a CAKE platform with three Trimedias, one MIPS, and a shared level 2 cache using a picture in picture benchmark. We compare the performance implications of two types of cache partitioning namely set based. Our experiments indicate that associativity-based cache partitioning induces at least 30% performance degradation, whereas set-based partitioning provides 27% performance improvement when compared to non-partitioned cache scenario.