diff --git a/real_system_state.cc b/real_system_state.cc
index d61e8c3..f16f2f8 100644
--- a/real_system_state.cc
+++ b/real_system_state.cc
@@ -41,10 +41,6 @@
     system_rebooted_ = true;
   }
 
-  p2p_manager_.reset(P2PManager::Construct(
-      nullptr, &prefs_, &clock_, "cros_au", kMaxP2PFilesToKeep,
-      base::TimeDelta::FromDays(kMaxP2PFileAgeDays)));
-
   // Initialize the Update Manager using the default state factory.
   chromeos_update_manager::State* um_state =
       chromeos_update_manager::DefaultStateFactory(
@@ -58,6 +54,11 @@
           &clock_, base::TimeDelta::FromSeconds(5),
           base::TimeDelta::FromHours(12), um_state));
 
+  // The P2P Manager depends on the Update Manager for its initialization.
+  p2p_manager_.reset(P2PManager::Construct(
+          nullptr, &clock_, update_manager_.get(), "cros_au",
+          kMaxP2PFilesToKeep, base::TimeDelta::FromDays(kMaxP2PFileAgeDays)));
+
   if (!payload_state_.Initialize(this)) {
     LOG(ERROR) << "Failed to initialize the payload state object.";
     return false;