cannot start intellij idea due to out of memory: metaspace

Upgraded to the new version of intellij and somehow it complains of not having enough metaspace. 
I gave upto -XX:MaxMetaspaceSize=3200m in my vmoptions file to no avail. 

Just a bunch of such messages: 

Heap dump file created [140930056 bytes in 0.436 secs]

2020-10-14 13:03:04,493 [   3996]  ERROR - nSystem.impl.ActionManagerImpl - Metaspace [Plugin: PerforceDirectPlugin]

com.intellij.diagnostic.PluginException: Metaspace [Plugin: PerforceDirectPlugin]

at com.intellij.openapi.actionSystem.impl.ActionManagerImpl.instantiate(ActionManagerImpl.java:223)

at com.intellij.openapi.actionSystem.impl.ActionManagerImpl.convertStub(ActionManagerImpl.java:193)

at com.intellij.openapi.actionSystem.impl.ActionManagerImpl.getActionImpl(ActionManagerImpl.java:549)

at com.intellij.openapi.actionSystem.impl.ActionManagerImpl.getAction(ActionManagerImpl.java:537)

at com.intellij.openapi.actionSystem.impl.ActionManagerImpl.preloadActions(ActionManagerImpl.java:1551)

at com.intellij.openapi.actionSystem.impl.ActionPreloader.preload(ActionPreloader.java:15)

at com.intellij.openapi.application.Preloader.lambda$preload$0(Preloader.java:84)

at com.intellij.openapi.progress.impl.CoreProgressManager.lambda$runProcess$2(CoreProgressManager.java:170)

at com.intellij.openapi.progress.impl.CoreProgressManager.registerIndicatorAndRun(CoreProgressManager.java:629)

at com.intellij.openapi.progress.impl.CoreProgressManager.executeProcessUnderProgress(CoreProgressManager.java:581)

at com.intellij.openapi.progress.impl.ProgressManagerImpl.executeProcessUnderProgress(ProgressManagerImpl.java:60)

at com.intellij.openapi.progress.impl.CoreProgressManager.runProcess(CoreProgressManager.java:157)

at com.intellij.openapi.application.Preloader.lambda$preload$1(Preloader.java:74)

at com.intellij.util.concurrency.BoundedTaskExecutor.doRun(BoundedTaskExecutor.java:215)

at com.intellij.util.concurrency.BoundedTaskExecutor.access$200(BoundedTaskExecutor.java:26)

at com.intellij.util.concurrency.BoundedTaskExecutor$1.execute(BoundedTaskExecutor.java:194)

at com.intellij.util.ConcurrencyUtil.runUnderThreadName(ConcurrencyUtil.java:207)

at com.intellij.util.concurrency.BoundedTaskExecutor$1.run(BoundedTaskExecutor.java:183)

at java.base/java.util.concurrent.ThreadPoolExecutor.runWorker(ThreadPoolExecutor.java:1128)

at java.base/java.util.concurrent.ThreadPoolExecutor$Worker.run(ThreadPoolExecutor.java:628)

at java.base/java.util.concurrent.Executors$PrivilegedThreadFactory$1$1.run(Executors.java:668)

at java.base/java.util.concurrent.Executors$PrivilegedThreadFactory$1$1.run(Executors.java:665)

at java.base/java.security.AccessController.doPrivileged(Native Method)

at java.base/java.util.concurrent.Executors$PrivilegedThreadFactory$1.run(Executors.java:665)

at java.base/java.lang.Thread.run(Thread.java:834)

Caused by: java.lang.OutOfMemoryError: Metaspace

Any help is appreciated