Special equipment: 12-cup capacity Bundt pan
Put an oven rack in the middle of the oven and preheat to 350 degrees F.
Coat a Bundt pan with a little butter, then coat the bottom with 1/4 cup cajeta and put it in a large roasting pan. (The roasting pan will serve as a water bath during baking.)
For the cake: Add the butter and sugar to a bowl and using an electric hand mixer or stand mixer, beat until light and fluffy, then beat in the egg. Sift together the flour, baking powder, baking soda and cocoa in a medium bowl. Beat 1/3 of the flour mixture, and 1/2 of the buttermilk into the egg mixture. Repeat, ending with the flour mixture. Blend until well incorporated.
For the flan: In a blender, combine the evaporated milk, condensed milk, cream cheese, eggs and vanilla. Blend on high for 30 seconds.
Scoop the cake batter into the prepared Bundt pan and spreading evenly. Slowly pour the flan mixture over the cake batter. Cover with foil and add about 1-inch of hot water to the roasting pan.
Carefully slide the pan into the oven, and bake 1 hour, until the surface of the cake is firm to the touch, or an inserted toothpick comes out clean. When cake is done, remove from the water bath and cool completely to room temperature, about 1 hour.
Invert a large, rimmed serving platter over the Bundt pan, grasp tightly together, jiggle a little and flip over. Remove the pan and scrape any remaining cajeta from the pan onto the cake, garnish with chopped pecans and serve!
The batters may appear to mix when you pour them into the pan, but they completely separate while baking, with the flan ending up on the bottom when it's inverted. I like eating it warm, but traditionally, it is chilled 24 hours before serving. Flan is a rich, creamy, cooked egg custard. It is often flavored with vanilla and baked in a water bath to retain its delicacy. Cajeta is a thick and creamy spread or paste made with caramelized sugar and milk. It is used as a desert on its own or as a topping. Also known as "dolce de leche," it is sold in many supermarkets, Latin specialty markets or online. It can be substituted with a thick caramel sauce.