In a virtualized computer system without an IOMMU, all application IO requests must be processed by the guest operating system and by the hypervisor so that addresses are translated (twice) and validated (twice) properly. In a virtualized computer system with an IOMMU containing one “stage” of translation, the peripheral can safely be assigned directly to a guest OS because the IOMMU can be programmed to translate and check addresses issued by the device. As a result, route IO overhead due to hypervisor intervention can be eliminated. In one example, in a virtualized computer system with an IOMMU supporting two “stages” of translation, the peripheral can safely be assigned directly to an application within a guest OS. As a result, route IO overhead due to hypervisor and guest OS processing can be eliminated. This allows an application to achieve higher IO performance.