Multiple x264 encoding sessions with nvenc GeForce GTX 970

I know the GeForce GTX 970 has a per-system limit of 2 encoding sessions, but I would like to know if this also applies on a virtualized environment.

I just rented a GPU-enabled server that comes with 2 GeForce GTX 970 cards, and obviously one of them is going to be doing nothing (or both of them doing just 1 session).

If I install KVM and create 2 VMs, and passthrough one videocard to each VM, would I still hit the limit or would I be able to do a total of 4 encoding sessions?