Line a rimmed baking sheet with aluminum foil or parchment paper. Place the pecans on the lining in a single layer.

Bake 10-12 minutes, or until the pecans are toasted and fragrant. Set aside to cool.

Whisk together the flour, baking powder, and salt. Set aside.

Using an electric mixer on medium speed, beat the butter, brown sugar, and sugar until light and fluffy. Add the eggs, one at a time, mixing well after each addition. Mix in the bourbon and vanilla.

Reduce mixer speed to low. Add the flour mixture in three portions, alternating with two portions of milk. Mix just until combined.

Set aside about 1/4 cup toasted pecans for garnish. Stir the remaining pecans into the cake batter.

Transfer the cake batter to the prepared Bundt pan, spreading evenly. Bake 50 to 60 minutes, or until a pick inserted into the center comes out clean.

Cool the cake in the pan for 20 minutes. Then flip the cake onto a serving plate to cool completely.

Using an electric mixer on medium speed, beat the cream cheese and caramel until thoroughly combined and smooth.

Add the confectioners' sugar, and mix until smooth.

Add 2 tablespoons of milk and mix well. Add more milk, a small amount at a time, if needed to attain the desired consistency. The glaze should be thick but pourable.

Pour the glaze over the cooled cake. Sprinkle the reserved pecans over the top of the glaze.