diff --git a/importlib_metadata/__init__.py b/importlib_metadata/__init__.py
index 95087b55..67c925d4 100644
--- a/importlib_metadata/__init__.py
+++ b/importlib_metadata/__init__.py
@@ -600,9 +600,15 @@ class FastPath:
     children.
     """
 
-    def __init__(self, root):
+    @functools.lru_cache()  # type: ignore
+    def __new__(cls, root):
+        self = object().__new__(cls)
         self.root = str(root)
         self.base = os.path.basename(self.root).lower()
+        self.last_mtime = -1
+        self.infos = {}
+        self.eggs = {}
+        return self
 
     def joinpath(self, child):
         return pathlib.Path(self.root, child)
@@ -618,15 +624,47 @@ def zip_children(self):
         zip_path = zipp.Path(self.root)
         names = zip_path.root.namelist()
         self.joinpath = zip_path.joinpath
-
         return dict.fromkeys(child.split(posixpath.sep, 1)[0] for child in names)
 
-    def search(self, name):
-        return (
-            self.joinpath(child)
-            for child in self.children()
-            if name.matches(child, self.base)
-        )
+    def update_cache(self):
+        root = self.root or "."
+        try:
+            mtime = os.stat(root).st_mtime
+        except OSError:
+            self.infos.clear()
+            self.eggs.clear()
+            self.last_mtime = -1
+            return
+        if mtime == self.last_mtime:
+            return
+        self.infos.clear()
+        self.eggs.clear()
+        base_is_egg = self.base.endswith(".egg")
+        for child in self.children():
+            low = child.lower()
+            if low.endswith((".dist-info", ".egg-info")):
+                # rpartition is faster than splitext and suitable for this purpose.
+                name = low.rpartition(".")[0].partition("-")[0]
+                normalized = Prepared.normalize(name)
+                self.infos.setdefault(normalized, []).append(child)
+            elif base_is_egg and low == "egg-info":
+                name = self.base.rpartition(".")[0].partition("-")[0]
+                legacy_normalized = Prepared.legacy_normalize(name)
+                self.eggs.setdefault(legacy_normalized, []).append(child)
+        self.last_mtime = mtime
+
+    def search(self, prepared):
+        self.update_cache()
+        if prepared.name:
+            infos = self.infos.get(prepared.normalized, [])
+            yield from map(self.joinpath, infos)
+            eggs = self.eggs.get(prepared.legacy_normalized, [])
+            yield from map(self.joinpath, eggs)
+        else:
+            for infos in self.infos.values():
+                yield from map(self.joinpath, infos)
+            for eggs in self.eggs.values():
+                yield from map(self.joinpath, eggs)
 
 
 class Prepared:
@@ -635,22 +673,14 @@ class Prepared:
     """
 
     normalized = None
-    suffixes = 'dist-info', 'egg-info'
-    exact_matches = [''][:0]
-    egg_prefix = ''
-    versionless_egg_name = ''
+    legacy_normalized = None
 
     def __init__(self, name):
         self.name = name
         if name is None:
             return
         self.normalized = self.normalize(name)
-        self.exact_matches = [
-            self.normalized + '.' + suffix for suffix in self.suffixes
-        ]
-        legacy_normalized = self.legacy_normalize(self.name)
-        self.egg_prefix = legacy_normalized + '-'
-        self.versionless_egg_name = legacy_normalized + '.egg'
+        self.legacy_normalized = self.legacy_normalize(name)
 
     @staticmethod
     def normalize(name):
@@ -667,27 +697,6 @@ def legacy_normalize(name):
         """
         return name.lower().replace('-', '_')
 
-    def matches(self, cand, base):
-        low = cand.lower()
-        # rpartition is faster than splitext and suitable for this purpose.
-        pre, _, ext = low.rpartition('.')
-        name, _, rest = pre.partition('-')
-        return (
-            low in self.exact_matches
-            or ext in self.suffixes
-            and (not self.normalized or name.replace('.', '_') == self.normalized)
-            # legacy case:
-            or self.is_egg(base)
-            and low == 'egg-info'
-        )
-
-    def is_egg(self, base):
-        return (
-            base == self.versionless_egg_name
-            or base.startswith(self.egg_prefix)
-            and base.endswith('.egg')
-        )
-
 
 @install
 class MetadataPathFinder(NullFinder, DistributionFinder):
@@ -717,6 +726,9 @@ def _search_paths(cls, name, paths):
             path.search(prepared) for path in map(FastPath, paths)
         )
 
+    def invalidate_caches(cls):
+        FastPath.__new__.cache_clear()
+
 
 class PathDistribution(Distribution):
     def __init__(self, path):
diff --git a/tests/test_api.py b/tests/test_api.py
index 8c8d9abb..fef99033 100644
--- a/tests/test_api.py
+++ b/tests/test_api.py
@@ -2,6 +2,7 @@
 import textwrap
 import unittest
 import warnings
+import importlib
 
 from . import fixtures
 from importlib_metadata import (
@@ -275,3 +276,9 @@ def test_distribution_at_str(self):
         dist_info_path = self.site_dir / 'distinfo_pkg-1.0.0.dist-info'
         dist = Distribution.at(str(dist_info_path))
         assert dist.version == '1.0.0'
+
+
+class InvalidateCache(unittest.TestCase):
+    def test_invalidate_cache(self):
+        # No externally observable behavior, but ensures test coverage...
+        importlib.invalidate_caches()