OSM Load Data memory exception


When running the ArcGIS Editor for OpenStreetMap Load Data tool trying to load an extract of South America from Geofabrik I consistently get a OutOfMemory exception.
It used to happen at ~14 000 000 nodes loaded. Then I updated to ArcGIS 10.2.1 while updating the Editor for OSM. I have disabled the Conserve Memory option and have disabled the background geoprocessing.
I got it up to 20 000 000 nodes loaded (of~74 000 000) before it threw the exception last night.
It is running on a dedicated 64 bit VM and never peaks above 20% CPU usage.
There is no way it could actually be running out of memory.

Any idea?

Thank you!!!!