Create different contexts in F5 LTM

If I understand Cisco ACE contexts correctly, they are essentially virtualized Cisco ACEs. If you want completely separate Virtualized BIG-IPs, you will need to be licensed for vCMP and have vCMP capable hardware.

If you are just looking for administrative partitioning, you can set up administrative partitions under System, Users, Partitions.

You can read about vCMP here: https://support.f5.com/csp/article/K15930

Administrative partitions should be covered in the LTM manuals.