A method, system and computer program product for managing memory allocation among plural virtual application environments supported by a common operating system. The technique may include establishing a mapping between a virtual application environment (or processes therein) and a mapping proxy that is reachable via a reverse mapping pathway adapted to facilitate identification of virtual addresses associated with a memory page frame. The virtual application environment (or processes therein) may be identified as an allocation recipient of the memory page frame by traversing the reversing mapping pathway to the mapping proxy. The memory page frame may be reclaimed for allocation to another virtual application environment by invalidating data therein or transferring the data to a storage resource based upon memory usage by the identified virtual application environment.