Beat cream cheese and butter at medium speed with an electric mixer until creamy. Gradually add powdered sugar, beating at low speed until blended. Increase speed to medium, and beat in cream of coconut and vanilla until smooth.
Ive made this cake 5x now and its a showstopper. It works well with half and half( in the cake, not the filling) too. It is an amazingly light and flavorful cake, but oh so rich. I'd only make this for a special occasion. It rocks.