Systems, methods, and computer-readable media are disclosed for virtualizing memory compute function resources to improve resource utilization and system performance are disclosed. A virtualized hypervisor may be provided that is configured to instantiate a respective memory function controller of each memory controller present in a system/device. The virtualized hypervisor may be further configured to maintain the memory function controllers and their corresponding memory compute functionality as shareable resources that can be allocated to system components upon request. The virtualized hypervisor may allocate a memory function controller and its corresponding memory compute functionality to a system component, and may further provide the system component with an exclusive grant of memory compute pages that can be utilized by the allocated memory function controller to execute a memory compute function to perform one or more operations (e.g., one or more computations) on behalf of the system component.