Windows 11 requires that the target PC has TPM 2.0 or better, 64GB of drive space and uses a MS approved CPU.
VM 7.x and 8.x have the ability to simulate TPM but anything earlier doesn't. Also, for Dev work it might be handy to install W11 onto an older PC to test software compatibility and so on.
So how to do it?
A quick 'Google' reveals (at least) two different types of registry hack which claim to disable the requirement checks, but as of 11 22H2 neither of them would work for me.
The alternative methods require modification of the installation ISO, and that's what we'll look at next.
The easiest and least painful way is to use the script found here. This 'just works' and allows one to select a download from Microsoft of the required disk image and then lets one patch it as required. It uses the OpenSource MIT licence. Typically this might allow bypassing the W11 requirement checks, the need for an on-line account &/or recovery options, language & region and so on. The script uses MSs own DISM to do the patching, is completely safe and 'legal' and requires the user to have a MS digital licence if running a bare metal install. For an upgrade, say from W10 to W11, the existing licence is reused.
We've just used it to build a W11 VM on VMware 6.5 and it runs perfectly.
Much kudos to developer AveYo!