1. A computing system comprising: a physical computing device comprising a hardware interconnect interface, one or more processors and memory, wherein the one or more processors are configured to execute instructions that, upon execution, configure the physical computing device to: execute a virtual machine monitor configured to manage a virtual machine instance, wherein the virtual machine instance is assigned virtual processing resources and virtual memory resources corresponding to allocations of computing resources of the physical computing device; an offload device operably coupled to the physical computing device via the hardware interconnect interface, the offload device comprising: an offload device processor configured to execute instructions stored in offload device memory that, upon execution, configures the offload device to: instantiate one or more virtual input/output (I/O) components, wherein the virtual I/O components are configured to emulate one or more devices to perform at least one I/O function on behalf of the virtual machine instance, wherein the virtual I/O components are instantiated in the offload device memory; wherein the virtual machine monitor is configured to provide addressing information associated with the one or more virtual I/O components to the virtual machine instance so that at least some of the I/O requests generated by the virtual machine instance are performed by the one or more virtual I/O components of the offload device.