A processing device, operatively coupled with a memory component, is configured to provide a plurality of virtual memory controllers and to provide a plurality of physical functions, wherein each of the plurality of physical functions corresponds to a different one of the plurality of virtual memory controllers. The processing device further presents the plurality of physical functions to a host computing system over a peripheral component interconnect express (PCIe) interface, wherein each of the plurality of physical functions corresponds to a different virtual machine running on the host computing system, and manages input/output (IO) operations received from the host computing systems and directed to the plurality of physical functions, as well as background operations performed on the memory component, in view of class of service parameters associated with the plurality of physical functions.