Following this discussion:
The core problem is the following, for example (simple config), for Exchange or SQL servers in a HYPER-V VM under Windows 2016:
systemdrive for windows system (and sql, exchange core),
datadrive for mbx data or sql-databases
datadrive for log file
drive for pagefile
We create for all this drive a separat VHDX file and add this to the VM as SCSI drive.
The drive for pagefile (fast SSD, NVMe or other) is exclusiv for the pagefile reserved. No other data on it. The drive for pagefile is the only drive with a pagefile for this vm. No second pagefile on the systemdrive or elsewhere.
In this case a running VM can't restart or shutdown.
When you do this, the VM hangs. This did not happen with earlier versions of Windows.
It is not recommended (MS Exchange or SQL recommendations) to set up two Pagefiles (split pagefiles), as this greatly reduces performance.
So we must disable the debug funktion completely in the Windows VM - that works. But not a good way.
Please rerelease the functionality as in previous windows versions!
I have same problem. Pagefile is not located on system drive.
I'm having this issue as well.