A physical server with an offload card including a SoC (system-on-chip) and a FPGA (field programmable gate array) is disclosed. According to one set of embodiments, the SoC can be configured to offload one or more hypervisor functions from a CPU complex of the server that are suited for execution in software, and the FPGA can be configured to offload one or more hypervisor functions from the CPU complex that are suited for execution in hardware.