Preheat your oven to 325°F (160°C) and grease a bundt pan.
In a large bowl, cream together the softened butter and cream cheese until smooth.
Add the sugar gradually, beating until light and fluffy.
Add the eggs one at a time, mixing well after each addition.
In another bowl, whisk together the flour, baking powder, and salt.
Gradually add the dry ingredients to the wet mixture, mixing until just combined.
Stir in the vanilla extract.
Pour the batter into the prepared bundt pan.
Bake for 75 minutes or until a toothpick comes out clean.
Let the cake cool in the pan for 10 minutes before inverting onto a wire rack.