Preheat your oven to 350°F (175°C). Grease and flour a bundt pan.
In a large bowl, cream together the softened butter and cream cheese until smooth.
Gradually add the sugar and continue to beat until creamy.
Add in the eggs one at a time, mixing well after each addition.
In another bowl, whisk together the flour and baking powder. Gradually add this to the butter mixture, mixing just until combined.
Pour the batter into the prepared pan and smooth the top.
Bake for about 60-70 minutes, or until a toothpick inserted into the center comes out clean.
Let the cake cool in the pan for 10 minutes before transferring to a wire rack.
Optionally, top with a caramel glaze and pecans before serving.