Preheat the oven to 325°F. Generously grease and flour a 10-inch bundt pan (or spray thoroughly with nonstick baking spray), making sure every crevice is coated.
In a stand mixer fitted with the paddle attachment, beat the cream cheese and butter together until completely smooth, about 3 minutes.
Gradually add the sugar and continue mixing until the mixture is light and fluffy.
Add the eggs one at a time, beating well after each addition. Mix in the vanilla.
With the mixer on low, slowly add the cake flour and mix just until combined.
Remove the bowl from the mixer. Pour in the buttermilk and fold by hand with a spatula until fully incorporated, scraping the sides and bottom of the bowl.
Spoon the batter into the prepared pan and smooth the top. Bake for 60 to 80 minutes, checking at the 60-minute mark. The cake is done when a toothpick inserted in the center comes out with a few moist crumbs and the crust is deep golden around the edges.
Cool the cake in the pan until it reaches room temperature. Turn out onto a plate and dust lightly with confectioners’ sugar before serving.