An Input/Output (IO) Virtualization (IOV) system couples or connects multiple host computers and IO devices to a managed transport fabric to provide IO virtualization. The host computers may run any operating system to provide a virtualized environment for guest operating systems. The host interface to the IOV system is PCI-Express (PCIe). The IO devices are PCIe based to provide maximum compatibility with industry standard devices, but are not so limited. The IOV system comprises a management central processor unit (MCPU) coupled to transport fabric. The IOV system comprises device interfaces coupled to the transport fabric and to independent input/output (IO) devices. Each device interface couples to the IO device of the independent IO devices. The IOV system comprises host interfaces coupled to the transport fabric. Each host interface couples to a host computer of the independent host computers and exposes functions of the independent IO devices to the host computer.