Resolution:
The entire cache mechanism is Tangosol implementation in TIBCO BusinessEvents code. This is mostly driven from the coherence-cache-config.xml file  and then including the the said config.xml file in the Object Manager Tab in the Business Events Archive configuration.

In short each such cache type e.g. near,replicated,distributed are identified as caching schemes in the config.xml and there are scheme mapping patterns which map a certain cache name pattern to a declared cache scheme e.g. dist-* to Distributed Cache.