1. An emulation environment for debugging an electronic design concurrently emulated with other electronic designs, the emulation environment comprising: an emulation system including an emulator configurable to implement multiple electronic designs from a combined model of the multiple electronic designs, an emulation clock manager configured to maintain independent clocks for the multiple electronic designs, and a virtual model link configured to facilitate message traffic with the emulator; an emulation trace module configured to capture trace data from a selected one or more of the multiple models during operation of the emulator; and a model state module configured to capture state data corresponding to a selected one or more of the multiple models during operation of the emulator.