PD 16, Big Sur DB5 and "Network could not be initialised"

Hello everyone,
I'm just starting with PD altogether. I'm trying to troubleshoot my VM not seeing any network device offered by parallels. I already re-installed the Guest additions/Parallel tools, but that didn't fix much. I attempted to switch between bridged and device network and that didn't fix much either.

Is there a handy guide or anything I could use to troubleshoot this? Many thanks in advance.

 

To clarify, I have a "Parallels VirtIO" device under the Windows Network connections section. I'm wondering if there is something MacOS-side that needs to be enabled for this to be able to pass through.

 

Hello, could you please provide us with a screenshot of the issue? Looking forward to your reply.