1. A system comprising: a chassis configured to receive a plurality of modular information handling systems; a switch configured to be communicatively coupled to modular information handling systems received in the chassis; and a physical service processor communicatively coupled to the switch, the physical service processor configured to: instantiate one or more virtual service processors, each of the one or more virtual service processors allocated to an associated modular information handling system received in the chassis and configured to provide for out-of-band management of its associated modular information handling system; and instantiate one or more virtual functions, each of the one or more virtual functions allocated to an associated virtual service processor and associated modular information handling system received in the chassis and configured to provide a communications interface between its associated virtual service processor and associated modular information handling system.