Preheat the oven to 325°F. Grease and flour a 10-12 cup Bundt pan.
In a large mixing bowl, beat the butter and cream cheese together until smooth and creamy.
Gradually add the sugar and continue beating until the mixture is light and fluffy.
Mix in the eggs one at a time, beating well after each addition. Stir in the vanilla extract.
In a separate bowl, whisk together the flour, baking powder, and salt. Gradually add to the creamed mixture, mixing just until combined.
Transfer the batter to the prepared pan. Bake for 60-70 minutes, or until a toothpick inserted into the center comes out clean.
Allow the cake to cool in the pan for 10 minutes, then turn out onto a wire rack to cool completely.
Optionally, dust with powdered sugar or serve with whipped cream and fresh fruit.