Input/output (I/O) virtualization system

A system comprising:

• a management central processor unit (MCPU) coupled to a transport fabric;
• a plurality of device interfaces coupled to the transport fabric and to a plurality of independent input/output (IO) devices, wherein each device interface of the plurality of device interfaces couples to a corresponding IO device of the plurality of independent IO devices;
• a plurality of host interfaces coupled to the transport fabric, wherein each host interface of the plurality of host interface couples to a corresponding host computer of a plurality of independent host computers and selectively exposes functions of the plurality of independent IO devices to the host computer;
• wherein the plurality of device interfaces and the plurality of host interfaces are configured to encapsulate packets provided to the transport fabric and decapsulate packets received from the transport fabric;
• and
• wherein the MCPU is configured to enumerate end point functions provided by the plurality of independent IO devices, receive a request to assign a particular end point function to a selected host, assign the particular end point function to the selected host, and initiate a hot-plug event for the particular end point function on the selected host.