An example method of virtualized cache allocation for a virtualized computing system includes: providing, by a hypervisor for a virtual machine (VM), a virtual shared cache, the virtual shared cache backed by a physical shared cache of a processor; providing, by the hypervisor to the VM, virtual service classes and virtual service class bit masks; mapping, by the hypervisor, the virtual service classes to physical service classes of the processor; associating, by the hypervisor, a shift factor with the virtual service class bit masks with respect to physical service class bit masks of the processor; and configuring, by the hypervisor, service class registers and service class bit mask registers of the processor based on the mapping and the shift factor in response to configuration of the virtual shared cache by the VM.