Initramfs fails to mount LVM in VMWare VM with >3 GB RAM

Hi,

I'm trying to get Alpine 3.7 (virthardened) to run in VM on VMWare Workstation 14.1. The Alpine VM is set to boot from LVM but whenever I set more than 3 GB memory, initramfs on first boot after the installation fails with

mount: mounting /dev/vg0/lv_root on /sysroot failed: No such file or directory
Mounting root failed.
initramfs emergency recovery shell launched. Type 'exit' to continue boot
sh: can't access tty: job control turned off

What's even more funny is, that whenever I activate and mount the LVM manually in initramfs shell, the VM eventually starts.

lvm vgchange -ay
mount -t ext4 /dev/vg0/lv_root /sysroot
mount -t ext4 /dev/sda1 /sysroot/boot
exit

Whenever I set the RAM to 3 GB or less, the VM happily boots without any problems. For the test, it's enough to do the most basic installation of Alpine 3.7 with LVM (it's one of the questions in setup-apline).

This is my /etc/mkinitfs/mkinitfs.conf:

features="ata base ide scsi usb virtio ext4 lvm"

And these are relevant lines from /boot/extlinux.conf:

LINUX vmlinuz-virthardened
INITRD initramfs-virthardened
APPEND root=/dev/vg0/lv_root modules=sd-mod,usb-storage,ext4 pax_nouderef quiet rootfstype=ext4

Any ideas what needs to be adjusted or what can I check in order to provide more details?