Probably you can't fake it in a generic way. There are too many places that a program could look to identify if Windows is running as a VM and it is not always easy or even possible to change them. For example they may look at systeminfo, or names of hardware devices.
If it was using wmic to check Win32_BaseBoard.Manufacturer as "Microsoft Corporation", "VMWARE" or "Oracle Corporation" for example then it is not possible to update this information.
For an individual program you could try to trace how it is identifying whether it is running as a VM and depending how you may be able to fool it (a MAC address for example) but for testing it would probably be easier (and safer) to just run in a VM.