A peripheral proxy subsystem comprising: a subsystem Peripheral Component Interconnect Express, PCIe, root controller for coupling to a peripheral device Peripheral Component Interconnect Express, PCIe, endpoint; a first subsystem PCIe endpoint for coupling to a first PCIe root controller of a first host, the first subsystem PCIe endpoint is configured to present a first physical function to the first PCIe root controller, the first physical function being mapped to a first peripheral device virtual function; a second subsystem PCIe endpoint for coupling to a second PCIe root controller of a second host, the second subsystem PCIe endpoint is configured to present a second physical function to the second PCIe root controller, the second physical function being mapped to a second peripheral device virtual function; a routing mechanism for routing PCIe memory transactions that are directed to a virtual function (322, 324) configured to be selected from among the first peripheral device virtual function and the second peripheral device virtual function between the subsystem PCIe root controller and a corresponding endpoint from among the first subsystem PCIe endpoint and the second subsystem PCIe endpoint based on whether the virtual function is mapped to the first physical function or the second physical function, and at least a first module and a second module, the first module configured to interact with the first peripheral device virtual function and the second module configured to interact with the second peripheral device virtual function, the peripheral proxy subsystem configured to present a first cloned instance of the first physical function designated as instance PFO' at first subsystem PCIe endpoint coupled to first PCIe root controller, the peripheral proxy subsystem configured to present a second cloned instance of the second physical function designated as instance PFO' at second subsystem PCIe endpoint coupled to second PCIe root controller. a subsystem Peripheral Component Interconnect Express, PCIe, root controller for coupling to a peripheral device Peripheral Component Interconnect Express, PCIe, endpoint; a first subsystem PCIe endpoint for coupling to a first PCIe root controller of a first host, the first subsystem PCIe endpoint is configured to present a first physical function to the first PCIe root controller, the first physical function being mapped to a first peripheral device virtual function; a second subsystem PCIe endpoint for coupling to a second PCIe root controller of a second host, the second subsystem PCIe endpoint is configured to present a second physical function to the second PCIe root controller, the second physical function being mapped to a second peripheral device virtual function; a routing mechanism for routing PCIe memory transactions that are directed to a virtual function (322, 324) configured to be selected from among the first peripheral device virtual function and the second peripheral device virtual function between the subsystem PCIe root controller and a corresponding endpoint from among the first subsystem PCIe endpoint and the second subsystem PCIe endpoint based on whether the virtual function is mapped to the first physical function or the second physical function, and at least a first module and a second module, the first module configured to interact with the first peripheral device virtual function and the second module configured to interact with the second peripheral device virtual function, the peripheral proxy subsystem configured to present a first cloned instance of the first physical function designated as instance PFO' at first subsystem PCIe endpoint coupled to first PCIe root controller, the peripheral proxy subsystem configured to present a second cloned instance of the second physical function designated as instance PFO' at second subsystem PCIe endpoint coupled to second PCIe root controller.