diff --git a/include/seastar/core/reactor.hh b/include/seastar/core/reactor.hh
index e4e438676f..e6b0996cc3 100644
--- a/include/seastar/core/reactor.hh
+++ b/include/seastar/core/reactor.hh
@@ -322,6 +322,14 @@ private:
     std::atomic<bool> _dying{false};
     gate _background_gate;
 
+    inline auto& get_sg_data(const scheduling_group& sg) {
+        return _scheduling_group_specific_data.per_scheduling_group_data[sg._id];
+    }
+
+    inline auto& get_sg_data(unsigned sg_id) {
+        return _scheduling_group_specific_data.per_scheduling_group_data[sg_id];
+    }
+
 private:
     static std::chrono::nanoseconds calculate_poll_time();
     static void block_notifier(int);
diff --git a/include/seastar/core/scheduling_specific.hh b/include/seastar/core/scheduling_specific.hh
index 0a9c9d8b3d..bdb51110d7 100644
--- a/include/seastar/core/scheduling_specific.hh
+++ b/include/seastar/core/scheduling_specific.hh
@@ -37,6 +37,49 @@ namespace seastar {
 namespace internal {
 
 struct scheduling_group_specific_thread_local_data {
+    using val_ptr = std::unique_ptr<void, void (*)(void*) noexcept>;
+    using cfg_ptr = lw_shared_ptr<scheduling_group_key_config>;
+
+    struct specific_val {
+        val_ptr valp;
+        cfg_ptr cfg;
+
+        specific_val() : valp(nullptr, &free), cfg(nullptr) {}
+
+        specific_val(val_ptr&& valp_, const cfg_ptr& cfg_) : valp(std::move(valp_)), cfg(cfg_) {
+            if (valp && cfg->constructor) {
+                cfg->constructor(valp.get());
+            }
+        }
+
+        ~specific_val() {
+            if (valp && cfg->destructor) {
+                cfg->destructor(valp.get());
+            }
+        }
+
+        specific_val(const specific_val& other) = delete;
+        specific_val& operator=(const specific_val& other) = delete;
+
+        specific_val(specific_val&& other) : valp(std::move(other.valp)), cfg(std::move(other.cfg)) {}
+
+        specific_val& operator=(specific_val&& other) {
+            if (this != &other) {
+                valp = std::move(other.valp);
+                cfg = std::move(other.cfg);
+            }
+            return *this;
+        }
+
+        void* get() { return valp.get(); }
+
+        void rename() {
+            if (valp && cfg->rename) {
+                cfg->rename(valp.get());
+            }
+        }
+    };
+
     struct per_scheduling_group {
         bool queue_is_initialized = false;
         /**
@@ -44,10 +87,16 @@ struct scheduling_group_specific_thread_local_data {
          * data. The pointer is not use as is but is cast to a reference
          * to the appropriate type that is actually pointed to.
          */
-        std::vector<void*> specific_vals;
+        std::vector<specific_val> specific_vals;
+
+        void rename() {
+            for (auto& v : specific_vals) {
+                v.rename();
+            }
+        }
     };
     std::array<per_scheduling_group, max_scheduling_groups()> per_scheduling_group_data;
-    std::map<unsigned long, scheduling_group_key_config> scheduling_group_key_configs;
+    std::map<unsigned long, cfg_ptr> scheduling_group_key_configs;
 };
 
 #ifdef SEASTAR_BUILD_SHARED_LIBS
@@ -78,12 +127,12 @@ template<typename T>
 T* scheduling_group_get_specific_ptr(scheduling_group sg, scheduling_group_key key) noexcept {
     auto& data = internal::get_scheduling_group_specific_thread_local_data();
 #ifdef SEASTAR_DEBUG
-    assert(std::type_index(typeid(T)) == data.scheduling_group_key_configs[key.id()].type_index);
+    assert(std::type_index(typeid(T)) == data.scheduling_group_key_configs[key.id()]->type_index);
 #endif
     auto sg_id = internal::scheduling_group_index(sg);
     if (__builtin_expect(sg_id < data.per_scheduling_group_data.size() &&
             data.per_scheduling_group_data[sg_id].queue_is_initialized, true)) {
-        return reinterpret_cast<T*>(data.per_scheduling_group_data[sg_id].specific_vals[key.id()]);
+        return reinterpret_cast<T*>(data.per_scheduling_group_data[sg_id].specific_vals[key.id()].get());
     }
     return nullptr;
 }
@@ -123,9 +172,9 @@ T& scheduling_group_get_specific(scheduling_group_key key) noexcept {
     // return a reference to an element whose queue_is_initialized is
     // false.
     auto& data = internal::get_scheduling_group_specific_thread_local_data();
-    assert(std::type_index(typeid(T)) == data.scheduling_group_key_configs[key.id()].type_index);
+    assert(std::type_index(typeid(T)) == data.scheduling_group_key_configs[key.id()]->type_index);
     auto sg_id = internal::scheduling_group_index(current_scheduling_group());
-    return *reinterpret_cast<T*>(data.per_scheduling_group_data[sg_id].specific_vals[key.id()]);
+    return *reinterpret_cast<T*>(data.per_scheduling_group_data[sg_id].specific_vals[key.id()].get());
 }
 
 /**
@@ -155,7 +204,7 @@ map_reduce_scheduling_group_specific(Mapper mapper, Reducer reducer,
     auto wrapped_mapper = [key, mapper] (per_scheduling_group& psg) {
         auto id = internal::scheduling_group_key_id(key);
         return make_ready_future<typename function_traits<Mapper>::return_type>
-            (mapper(*reinterpret_cast<SpecificValType*>(psg.specific_vals[id])));
+            (mapper(*reinterpret_cast<SpecificValType*>(psg.specific_vals[id].get())));
     };
 
     return map_reduce(
@@ -188,7 +237,7 @@ reduce_scheduling_group_specific(Reducer reducer, Initial initial_val, schedulin
 
     auto mapper = [key] (per_scheduling_group& psg) {
         auto id = internal::scheduling_group_key_id(key);
-        return make_ready_future<SpecificValType>(*reinterpret_cast<SpecificValType*>(psg.specific_vals[id]));
+        return make_ready_future<SpecificValType>(*reinterpret_cast<SpecificValType*>(psg.specific_vals[id].get()));
     };
 
     return map_reduce(
diff --git a/src/core/reactor.cc b/src/core/reactor.cc
index d25d25a3d5..2fff95b41d 100644
--- a/src/core/reactor.cc
+++ b/src/core/reactor.cc
@@ -1066,23 +1066,12 @@ reactor::~reactor() {
     eraser(_expired_timers);
     eraser(_expired_lowres_timers);
     eraser(_expired_manual_timers);
-    auto& sg_data = _scheduling_group_specific_data;
     for (auto&& tq : _task_queues) {
         if (tq) {
-            auto& this_sg = sg_data.per_scheduling_group_data[tq->_id];
             // The following line will preserve the convention that constructor and destructor functions
             // for the per sg values are called in the context of the containing scheduling group.
             *internal::current_scheduling_group_ptr() = scheduling_group(tq->_id);
-            for (const auto& [key_id, cfg] : sg_data.scheduling_group_key_configs) {
-                void* val = this_sg.specific_vals[key_id];
-                if (val) {
-                    if (cfg.destructor) {
-                        cfg.destructor(val);
-                    }
-                    free(val);
-                    this_sg.specific_vals[key_id] = nullptr;
-                }
-            }
+            get_sg_data(tq->_id).specific_vals.clear();
         }
     }
 }
@@ -4896,29 +4885,23 @@ deallocate_scheduling_group_id(unsigned id) noexcept {
 }
 
 static
-void*
-allocate_scheduling_group_specific_data(scheduling_group sg, unsigned long key_id, const scheduling_group_key_config& cfg) {
-    void* val = aligned_alloc(cfg.alignment, cfg.allocation_size);
-    if (!val) {
-        std::abort();
-    }
-    if (cfg.constructor) {
-        cfg.constructor(val);
+internal::scheduling_group_specific_thread_local_data::specific_val
+allocate_scheduling_group_specific_data(scheduling_group sg, unsigned long key_id, const lw_shared_ptr<scheduling_group_key_config>& cfg) {
+    using val_ptr = internal::scheduling_group_specific_thread_local_data::val_ptr;
+    using specific_val = internal::scheduling_group_specific_thread_local_data::specific_val;
+
+    val_ptr valp(aligned_alloc(cfg->alignment, cfg->allocation_size), &free);
+    if (!valp) {
+        throw std::runtime_error("memory allocation failed");
     }
-    return val;
+    return specific_val(std::move(valp), cfg);
 }
 
 future<>
 reactor::rename_scheduling_group_specific_data(scheduling_group sg) {
     return with_shared(_scheduling_group_keys_mutex, [this, sg] {
         return with_scheduling_group(sg, [this, sg] {
-            auto& sg_data = _scheduling_group_specific_data;
-            auto& this_sg = sg_data.per_scheduling_group_data[sg._id];
-            for (const auto& [key_id, cfg] : sg_data.scheduling_group_key_configs) {
-                if (cfg.rename) {
-                    (cfg.rename)(this_sg.specific_vals[key_id]);
-                }
-            }
+            get_sg_data(sg).rename();
         });
     });
 }
@@ -4926,19 +4909,25 @@ reactor::rename_scheduling_group_specific_data(scheduling_group sg) {
 future<>
 reactor::init_scheduling_group(seastar::scheduling_group sg, sstring name, sstring shortname, float shares) {
     return with_shared(_scheduling_group_keys_mutex, [this, sg, name = std::move(name), shortname = std::move(shortname), shares] {
-        auto& sg_data = _scheduling_group_specific_data;
-        auto& this_sg = sg_data.per_scheduling_group_data[sg._id];
-        this_sg.queue_is_initialized = true;
         _task_queues.resize(std::max<size_t>(_task_queues.size(), sg._id + 1));
         _task_queues[sg._id] = std::make_unique<task_queue>(sg._id, name, shortname, shares);
 
-        return with_scheduling_group(sg, [this, sg, &sg_data] () {
+        using val_vector = decltype(_scheduling_group_specific_data.per_scheduling_group_data[sg._id].specific_vals);
+
+        return with_scheduling_group(sg, [this, sg] () {
+            auto& sg_data = _scheduling_group_specific_data;
+
+            val_vector vals;
+            vals.reserve(sg_data.scheduling_group_key_configs.size());
             for (const auto& [key_id, cfg] : sg_data.scheduling_group_key_configs) {
-                auto& sg_data = _scheduling_group_specific_data;
-                auto& this_sg = sg_data.per_scheduling_group_data[sg._id];
-                this_sg.specific_vals.resize(std::max<size_t>(this_sg.specific_vals.size(), key_id+1));
-                this_sg.specific_vals[key_id] = allocate_scheduling_group_specific_data(sg, key_id, cfg);
+                vals.resize(std::max<size_t>(vals.size(), key_id+1));
+                vals[key_id] = allocate_scheduling_group_specific_data(sg, key_id, cfg);
             }
+            return vals;
+        }).then([this, sg] (val_vector vals) {
+            auto& this_sg = get_sg_data(sg);
+            std::swap(this_sg.specific_vals, vals);
+            this_sg.queue_is_initialized = true;
         });
     });
 }
@@ -4946,10 +4935,10 @@ reactor::init_scheduling_group(seastar::scheduling_group sg, sstring name, sstri
 future<>
 reactor::init_new_scheduling_group_key(scheduling_group_key key, scheduling_group_key_config cfg) {
     return with_lock(_scheduling_group_keys_mutex, [this, key, cfg] {
-        auto& sg_data = _scheduling_group_specific_data;
         auto key_id = internal::scheduling_group_key_id(key);
-        sg_data.scheduling_group_key_configs[key_id] = cfg;
-        return parallel_for_each(_task_queues, [this, cfg, key_id] (std::unique_ptr<task_queue>& tq) {
+        auto cfgp = make_lw_shared<scheduling_group_key_config>(std::move(cfg));
+
+        return parallel_for_each(_task_queues, [this, key_id, cfgp] (std::unique_ptr<task_queue>& tq) {
             if (tq) {
                 scheduling_group sg = scheduling_group(tq->_id);
                 if (tq.get() == _at_destroy_tasks) {
@@ -4957,20 +4946,20 @@ reactor::init_new_scheduling_group_key(scheduling_group_key key, scheduling_grou
                     auto curr = current_scheduling_group();
                     auto cleanup = defer([curr] () noexcept { *internal::current_scheduling_group_ptr() = curr; });
                     *internal::current_scheduling_group_ptr() = sg;
-                    auto& sg_data = _scheduling_group_specific_data;
-                    auto& this_sg = sg_data.per_scheduling_group_data[sg._id];
+                    auto& this_sg = get_sg_data(sg);
                     this_sg.specific_vals.resize(std::max<size_t>(this_sg.specific_vals.size(), key_id+1));
-                    this_sg.specific_vals[key_id] = allocate_scheduling_group_specific_data(sg, key_id, sg_data.scheduling_group_key_configs[key_id]);
+                    this_sg.specific_vals[key_id] = allocate_scheduling_group_specific_data(sg, key_id, std::move(cfgp));
                 } else {
-                    return with_scheduling_group(sg, [this, key_id, sg] () {
-                        auto& sg_data = _scheduling_group_specific_data;
-                        auto& this_sg = sg_data.per_scheduling_group_data[sg._id];
+                    return with_scheduling_group(sg, [this, key_id, sg, cfgp = std::move(cfgp)] () {
+                        auto& this_sg = get_sg_data(sg);
                         this_sg.specific_vals.resize(std::max<size_t>(this_sg.specific_vals.size(), key_id+1));
-                        this_sg.specific_vals[key_id] = allocate_scheduling_group_specific_data(sg, key_id, sg_data.scheduling_group_key_configs[key_id]);
+                        this_sg.specific_vals[key_id] = allocate_scheduling_group_specific_data(sg, key_id, std::move(cfgp));
                     });
                 }
             }
             return make_ready_future();
+        }).then([this, key_id, cfgp] () {
+            _scheduling_group_specific_data.scheduling_group_key_configs[key_id] = std::move(cfgp);
         });
     });
 }
@@ -4981,22 +4970,9 @@ reactor::destroy_scheduling_group(scheduling_group sg) noexcept {
         on_fatal_internal_error(seastar_logger, format("Invalid scheduling_group {}", sg._id));
     }
     return with_scheduling_group(sg, [this, sg] () {
-        auto& sg_data = _scheduling_group_specific_data;
-        auto& this_sg = sg_data.per_scheduling_group_data[sg._id];
-        for (const auto& [key_id, cfg] : sg_data.scheduling_group_key_configs) {
-            void* val = this_sg.specific_vals[key_id];
-            if (val) {
-                if (cfg.destructor) {
-                    cfg.destructor(val);
-                }
-                free(val);
-                this_sg.specific_vals[key_id] = nullptr;
-            }
-        }
+        get_sg_data(sg).specific_vals.clear();
     }).then( [this, sg] () {
-        auto& sg_data = _scheduling_group_specific_data;
-        auto& this_sg = sg_data.per_scheduling_group_data[sg._id];
-        this_sg.queue_is_initialized = false;
+        get_sg_data(sg).queue_is_initialized = false;
         _task_queues[sg._id].reset();
     });
 
diff --git a/tests/unit/scheduling_group_test.cc b/tests/unit/scheduling_group_test.cc
index 9b5f721726..16c31bffe0 100644
--- a/tests/unit/scheduling_group_test.cc
+++ b/tests/unit/scheduling_group_test.cc
@@ -375,6 +375,75 @@ SEASTAR_THREAD_TEST_CASE(sg_create_and_key_create_in_parallel) {
     }
 }
 
+SEASTAR_THREAD_TEST_CASE(sg_key_constructor_exception_when_creating_new_key) {
+    using ivec  = std::vector<int>;
+    const int num_scheduling_groups = 4;
+
+    scheduling_group_key_config key1_conf = make_scheduling_group_key_config<int>();
+    scheduling_group_key key1 = scheduling_group_key_create(key1_conf).get();
+
+    struct thrower {
+        thrower() {
+            throw std::runtime_error("constructor failed");
+        }
+        ~thrower() {
+            // Shouldn't get here because the constructor shouldn't succeed
+            BOOST_ASSERT(false);
+        }
+    };
+    scheduling_group_key_config thrower_conf = make_scheduling_group_key_config<thrower>();
+    BOOST_REQUIRE_THROW(scheduling_group_key_create(thrower_conf).get(), std::runtime_error);
+
+    // check we can continue after the failure
+
+    std::vector<scheduling_group> sgs;
+    for (int i = 0; i < num_scheduling_groups; i++) {
+        sgs.push_back(create_scheduling_group(format("sg{}", i).c_str(), 100).get());
+    }
+
+    const auto destroy_scheduling_groups = defer([&sgs] () noexcept {
+       for (scheduling_group sg : sgs) {
+           destroy_scheduling_group(sg).get();
+       }
+    });
+
+    scheduling_group_key_config key2_conf = make_scheduling_group_key_config<ivec>();
+    scheduling_group_key key2 = scheduling_group_key_create(key2_conf).get();
+
+    smp::invoke_on_all([key1, key2, &sgs] () {
+        int factor = this_shard_id() + 1;
+        for (int i=0; i < num_scheduling_groups; i++) {
+            sgs[i].get_specific<int>(key1) = (i + 1) * factor;
+            sgs[i].get_specific<ivec>(key2).push_back((i + 1) * factor);
+        }
+
+        for (int i=0; i < num_scheduling_groups; i++) {
+            BOOST_REQUIRE_EQUAL(sgs[i].get_specific<int>(key1) = (i + 1) * factor, (i + 1) * factor);
+            BOOST_REQUIRE_EQUAL(sgs[i].get_specific<ivec>(key2)[0], (i + 1) * factor);
+        }
+
+    }).get();
+
+    smp::invoke_on_all([key1, key2] () {
+        return reduce_scheduling_group_specific<int>(std::plus<int>(), int(0), key1).then([] (int sum) {
+            int factor = this_shard_id() + 1;
+            int expected_sum = ((1 + num_scheduling_groups)*num_scheduling_groups) * factor /2;
+            BOOST_REQUIRE_EQUAL(expected_sum, sum);
+        }). then([key2] {
+            auto ivec_to_int = [] (ivec& v) {
+                return v.size() ? v[0] : 0;
+            };
+
+            return map_reduce_scheduling_group_specific<ivec>(ivec_to_int, std::plus<int>(), int(0), key2).then([] (int sum) {
+                int factor = this_shard_id() + 1;
+                int expected_sum = ((1 + num_scheduling_groups)*num_scheduling_groups) * factor /2;
+                BOOST_REQUIRE_EQUAL(expected_sum, sum);
+            });
+
+        });
+    }).get();
+}
+
 SEASTAR_THREAD_TEST_CASE(sg_create_with_destroy_tasks) {
     struct nada{};