ESXi Arm Edition on Raspberry Pi 4
flings.vmware.com
flings.vmware.com
The LF Edge project is specifically targeted at something about the size of an RPI, and wants to use virtualization for that case:
> Over the past several years, you've seen us demonstrate our virtualization technology on the Arm platform across several use cases, everything from running mission critical workloads on a windmill, to running on the SmartNIC, to running on AWS Graviton in the cloud.
This is a perfect entry to the arm server market.
It's basically a clone of VMWare, but virtualization is based on KVM/Qemu, and can also boot LXC containers.
It's free and open source (it's based on Debian) but you can buy a license that translates to support.
edit: doesn't work on raspberry pi AFAIK, though.