In the bowl of a stand mixer equipped with a whisk attachment, combine the heavy cream, powdered sugar, and vanilla extract. Begin on low speed to blend the sugar into the cream, approximately 30 seconds. Raise the speed to medium-high and continue whisking for 3 to 4 minutes, or until the mixture forms stiff peaks. Transfer the whipped mixture to a separate large bowl and set aside.

Replace the whisk attachment with the paddle attachment on the stand mixer. Add the cream cheese to the mixer bowl and beat on high until it becomes light and whipped, about 1 minute.

Carefully spoon the whipped cream into the bowl with the whipped cream cheese. Using a silicone spatula, gently fold the two together, being cautious not to deflate the mixture by over-mixing.

Spoon the finished dip into a serving dish. Serve immediately with a variety of fresh fruits, or store in a sealed container in the refrigerator until ready to use.