Step 1: Place water in a pasta pot and set over high heat. Bring to a boil while making the sauce.
Step 2: Place the pancetta in a large skillet over medium heat. Add olive oil and saute until golden brown, about 8 minutes.Remove from pan and set aside.
Step 3: In the same pan, melt 1 tablespoon of the butter with 1 tablespoon of the olive oil. Add the onions and garlic and saute for 2 to 3 minutes or until starting to soften. Add the chopped red peppers and cook for 2 to 3 minutes, until hot.
Step 4: Remove the skillet from the heat. Carefully transfer the contents of the skillet to a food processor or blender. Puree the pepper mixture until totally blended (there will still be some texture to the peppers.)
Step 5: Melt the remaining tablespoon of butter with the remaining olive oil in the skillet over medium heat. Pour the pepper puree back into the skillet. Add the broth, salt, pepper, and the reserved pancetta. Stir until heated. Splash in the cream and stir to combine. Taste and adjust seasonings if you need to. Cover and maintain over low heat while pasta cooks.
Step 6: Cook pasta in salted water according to package directions, then drain. Add the cheeses, parsley and basil to the sauce and stir it in. Add the drained pasta to the skillet and toss to coat.
Step 7: Serve in bowls with extra Parmesan and a sprinkling of parsley on top.
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