diff --git a/devlib/utils/asyn.py b/devlib/utils/asyn.py
index cbad976c6..7b209f7de 100644
--- a/devlib/utils/asyn.py
+++ b/devlib/utils/asyn.py
@@ -546,30 +546,34 @@ def run(coro):
         # blocking function boundaries thanks to _Genlet
         return asyncio.run(_do_allow_nested_run(coro))
     else:
-        # Increase the odds that in the future, we have a wrapped coroutine in
-        # our callstack to avoid the _run_in_thread() path.
-        _install_task_factory(loop)
+        return _run_in_loop(loop, coro)
 
-        if loop.is_running():
-            g = _Genlet.get_enclosing()
-            if g is None:
-                # If we are not running under a wrapped coroutine, we don't
-                # have a choice and we need to run in a separate event loop. We
-                # cannot just create another event loop and install it, as
-                # asyncio forbids that, so the only choice is doing this in a
-                # separate thread that we fully control.
-                return _run_in_thread(coro)
-            else:
-                # This requires that we have an coroutine wrapped with
-                # allow_nested_run() higher in the callstack, that we will be
-                # able to use as a conduit to yield the futures.
-                return g.consume_coro(coro, None)
+
+def _run_in_loop(loop, coro):
+    # Increase the odds that in the future, we have a wrapped coroutine in
+    # our callstack to avoid the _run_in_thread() path.
+    _install_task_factory(loop)
+
+    if loop.is_running():
+        g = _Genlet.get_enclosing()
+        if g is None:
+            # If we are not running under a wrapped coroutine, we don't
+            # have a choice and we need to run in a separate event loop. We
+            # cannot just create another event loop and install it, as
+            # asyncio forbids that, so the only choice is doing this in a
+            # separate thread that we fully control.
+            return _run_in_thread(coro)
         else:
-            # In the odd case a loop was installed but is not running, we just
-            # use it. With _install_task_factory(), we should have the
-            # top-level Task run an instrumented coroutine (wrapped with
-            # allow_nested_run())
-            return loop.run_until_complete(coro)
+            # This requires that we have an coroutine wrapped with
+            # allow_nested_run() higher in the callstack, that we will be
+            # able to use as a conduit to yield the futures.
+            return g.consume_coro(coro, None)
+    else:
+        # In the odd case a loop was installed but is not running, we just
+        # use it. With _install_task_factory(), we should have the
+        # top-level Task run an instrumented coroutine (wrapped with
+        # allow_nested_run())
+        return loop.run_until_complete(coro)
 
 
 def asyncf(f):
@@ -628,8 +632,35 @@ class _AsyncPolymorphicCM:
     Wrap an async context manager such that it exposes a synchronous API as
     well for backward compatibility.
     """
+    _nested = threading.local()
+
+    def _get_nesting(self):
+        try:
+            return self._nested.x
+        except AttributeError:
+            self._nested.x = 0
+            return 0
+
+    def _update_nesting(self, n):
+        x = self._get_nesting() + n
+        self._nested.x = x
+        return bool(x)
+
     def __init__(self, async_cm):
         self.cm = async_cm
+        self._loop = None
+
+    def _close_loop(self):
+        reentered = self._update_nesting(0)
+        if not reentered:
+            loop = self._loop
+            self._loop = None
+            if loop is not None:
+                loop.run_until_complete(loop.shutdown_asyncgens())
+                loop.run_until_complete(
+                    loop.shutdown_default_executor()
+                )
+                loop.close()
 
     def __aenter__(self, *args, **kwargs):
         return self.cm.__aenter__(*args, **kwargs)
@@ -638,10 +669,37 @@ def __aexit__(self, *args, **kwargs):
         return self.cm.__aexit__(*args, **kwargs)
 
     def __enter__(self, *args, **kwargs):
-        return run(self.cm.__aenter__(*args, **kwargs))
+        self._update_nesting(1)
+        coro = self.cm.__aenter__(*args, **kwargs)
+        # If there is already a running loop, no need to create a new one
+        try:
+            asyncio.get_running_loop()
+        except RuntimeError:
+            loop = asyncio.new_event_loop()
+            self._loop = loop
+            try:
+                asyncio.set_event_loop(loop)
+                return _run_in_loop(loop, coro)
+            except BaseException:
+                self._close_loop()
+                raise
+        else:
+            return run(coro)
 
     def __exit__(self, *args, **kwargs):
-        return run(self.cm.__aexit__(*args, **kwargs))
+        try:
+            self._update_nesting(-1)
+            coro = self.cm.__aexit__(*args, **kwargs)
+            loop = self._loop
+            if loop is None:
+                return run(coro)
+            else:
+                return _run_in_loop(loop, coro)
+        finally:
+            self._close_loop()
+
+    def __del__(self):
+        self._close_loop()
 
 
 def asynccontextmanager(f):