Methods and systems for implementing improved partitioning and virtualization in a multi-host environment are provided. According to one embodiment, multiple devices, including CPUs and peripherals, coupled with a system via an interconnect matrix/bus are associated with a shared memory logically partitioned into multiple domains. A first domain is associated with a first set of the devices and a second domain is associated with a second set of the devices. A single shared virtual map module (VMM), maps a memory access request to an appropriate partitioned domain of the memory to which the originating device has been assigned based on an identifier associated with the device and further based on they type of memory access. The VMM causes a memory controller to perform memory access on behalf of the device by outputting a physical address based on the identified domain and the virtual address specified by the request.