License Manager for TestExecute?

I've been having a look at this as the rig the test guys use to run TestExecute on has/is changing.

TestExecute is run in a VSphere hosted VM. This is fine. It's all running as it should.

Currently, the License Manager is installed on a physical PC. This PC used to be the hosting PC for the (VMWare) VM that TE ran on. As I mention, this has already been migrated to VSphere and is running fine. The VSphere VM can see the old hosting PC at the moment, so is still picking up the license from there.

However .... the PC with the LM (License Manager) will be decommissioned soon. At this point, I will need a new home for the LM.

It can't go on the VSphere hosting machine. The way it's set up will not allow this and it's not something I can change.

So, I had a read of: https://support.smartbear.com/viewarticle/90497/#LicMan

And also: https://support.smartbear.com/viewarticle/90565/

I'm not clear what is, and isn't allowed. I have two questions ...

1. Can the LM software run on a VM? (It is only for TE. TC is node-locked on my physical PC. The manager software is only for TE)

2. If the answer to 1 is yes, can I install it on the same VM as TE? This would be the simplest solution.

Thanks.