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, wherein the received modular information handling systems are configured to communicate via an in-band network, and wherein at least some of the received modular information handling systems do not include a service processor therein; and a physical service processor communicatively coupled to an out-of-band management network separate from the in-band network, and further communicatively coupled to the switch, the physical service processor configured to: instantiate one or more virtual service processors, wherein a number of virtual service processors instantiated is equal to a number of modular information handling systems received in the chassis, each of the one or more virtual service processors being allocated to an associated one of the modular information handling system received in the chassis and configured to provide for out-of-band management of its associated modular information handling system, wherein the out-of-band management includes providing management access to the associated modular information handling system while the associated modular information handling system is in a physically powered off state; 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.