In this disclosure, techniques are described for more efficiently sharing resources across multiple virtual machine instances. For example, techniques are disclosed for allowing additional virtual machine instances to be supported by a single computing system by more efficiently allocating memory to virtual machine instances by providing page swapping in a virtualized environment and/or predictive page swapping. In one embodiment, a virtual memory manager swaps pages predicatively in and/or out of a paging pool based on information from a central processing unit (“CPU”) scheduler. In one embodiment, the CPU scheduler provides scheduling information for virtual machine instances to the virtual memory manager, where the scheduling information allows the virtual memory manager to determine when a virtual machine is scheduled to become active or inactive. The virtual memory manager can then swap-in or swap-out memory pages.