The VESA local bus slot is designed for the 80486 processor architecture.
The VESA slot is an extension over the ISA slot which affords more addressing to handle the full 32-bit addressing of the processor.
Mostly the VESA slot was adopted by the video card industry who saw advantages. Installing a video card is tricky due to the slot design. It takes considerable amounts of force to insert the card properly. Care is needed not to damage the motherboard.
The Gigabyte GA486IM is a socket 3 motherboard that offers ISA, VESA and PCIE slots which is the most flexible model seen. This motherboard works best with fast page memory. EDO memory does not work. Windows 3.1 runs well with the maximum 32MB of RAM installed.
Most 80486 boards in 1992 had only ISA slots with one or two VESA slots.
The ATI Mach64 VLB card is a popular card for the VESA local bus. WIth Windows 3.1 this card can handle VGA and SVGA monitors easily. The Mach64 is available with more memory for high resolution use.
The multifunction card as not as popular as video cards however that did not stop designers from making them. The card above has a SCSI port, IDE port and even a floppy port. The serial and parallel ports are the most widely used. Serial mice is popular with Windows. The parallel port is needed for the printer.