When booting from g4d, I'm finding a pagefile in drive X, 128 MB.
Did not notice it when I booted from bootmgr. I think.
After commenting a few about this, I wrote the following:
On Win7 installed on a USB HD it was not possible to create a pagefile, but using diskmod filter driver from karyonix, it was possible to do it, and also use multipartitioned USB sticks.
I have the idea Win10 allows not only multipartitioned USB sticks but also the creation of pagefile on USB devices (on "Windows to Go" mode install), and maybe also into the VHD, but about the VHDs I'm not totally sure, you better google for more info, and comment your findings here.
Then this incentivated me to run some tests:
I wanted to test the creation of a pagefile into a Win10x64 v1903 VHD located on a partition on my internal HD (no additional drivers installed), this was not possible.
When having an OS installed on a USB device, there is no dubt diskmod filter driver allows to create a pagefile on the USB device, in fact the driver was created mainly for this. But I wanted to test if this driver was also capable to let us create a pagefile into a VHD located on a USB device.
As I already have a W864ESP1-C8.vhd (Mini Win8.1x64 installed in Compact 8K mode on a 3.5 GB VHD) on a fast Micro SD + USB 3.0 adapter, which has installed diskmod, I decided to use this for testing, I can confirm it was not possible to create a pagefile into the VHD, but creating the pagefile on the root of the USB NTFS partition/drive worked flawlessly as usually, see attached picture.
Then I can conclude a pagefile can not be created into a VHD, even using diskmod.
If running the OS from your internal HD It is also possible to create a pagefile on a fast USB device without using diskmod, but using ReadyBoost.
How to Add a Pagefile to USB Thumb Drive.
You should get a certified ReadyBoost USB 2.0 or higher TD for faster speed transfer.
To use ReadyBoost in Windows 10, make sure that SuperFetch is enabled. ReadyBoost won't work if the SuperFetch service is stopped or disabled.
About the "Windows to Go" mode install, I still have the idea it lets to create a pagefile on same USB device it is installed, without additional drivers, but it requires certified USB sticks, which I thing work as fixed drives not removable drives. Then no need of diskmod to make the trick on software.
By the way starting with Win10 2004 "Windows to Go" mode is deprecated.
Windows To Go is removed in Windows 10, version 2004 and later operating systems. The feature does not support feature updates and therefore does not enable you to stay current. It also requires a specific type of USB that is no longer supported by many OEMs.