Step 1

Grease and flour a 12-cup bundt pan. Set aside. DO NOT preheat the oven.

Step 2

In a large bowl, use a mixer to cream shortening, butter, cream cheese, and peanut butter until smooth. Gradually add the sugar, beating until light and fluffy. Add eggs one at a time, beating well after each.

Step 3

In a small bowl, whisk together the flour, baking powder, and salt. Gradually add the flour mixture to the creamed mixture, blending well. Add the vanilla and mix well.

Step 4

Pour into the prepared pan. Place in a cold oven. Bake at 325°F for 1 hour and 15 minutes or until toothpick inserted in the center of the cake comes out clean. Allow to rest in the pan for about 10 minutes, then invert onto a serving platter.

Step 5

Make the glaze icing by mixing the sweetened condensed milk, peanut butter, and milk together until smooth. Pour over cooled cake.