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This paper focuses on optimizing resource allocation amongst a set of tenants, network slices, supporting dynamic customer loads over a set of distributed resources, e.g., base stations. The aim is to reap the benefits of statistical multiplexing resulting from flexible sharing of ‘pooled’ resources, while enabling tenants to differentiate and protect their performance from one another’s load fluctuations. To that end we consider a setting where resources are grouped into Virtual Resource Pools (VRPs) wherein resource allocation is jointly and dynam- ically managed. Specifically for each VRP we adopt a Share- Constrained Proportionally Fair (SCPF) allocation scheme where each tenant is allocated a fixed share (budget). This budget is to be distributed equally amongst its active customers which in turn are granted fractions of their associated VRP resources in proportion to customer shares. For a VRP with a single resource, this translates to the well known Generalized Processor Sharing (GPS) policy. For VRPs with multiple resources SCPF provides a flexible means to achieve load elastic allocations across tenants sharing the pool. Given tenants’ per resource shares and expected loads, this paper formulates the problem of determining optimal VRP partitions which maximize the overall expected shared weighted utility while ensuring protection guarantees. For a high load/capacity setting we exhibit this network utility function explicitly, quantifying the benefits and penalties of any VRP partition, in terms of network slices’ ability to achieve performance differentiation, load balancing, and statistical multiplexing. Although the problem is shown to be NP-Hard, a simple greedy heuristic is shown to be effective. Analysis and simulations confirm that the selection of optimal VRP partitions provide a practical avenue towards improving network utility in network slicing scenarios with dynamic loads.