For the Pound Cake:

1. Preheat your oven to 325°F (165°C). Grease and flour a 10-inch bundt or tube pan, ensuring all crevices are coated.
2. Cream together butter, shortening, and sugar in a large mixing bowl until light and fluffy, about 3-5 minutes.
3. Add eggs one at a time, mixing well after each addition. Scrape down the sides of the bowl.
4. Sift together the flour, baking powder, and salt in a separate bowl.
5. Gradually add the dry ingredients to the butter mixture, alternating with milk. Begin and end with the dry ingredients. Mix on low speed.
6. Stir in vanilla extract until just combined. Pour the batter into the prepared pan.
7. Bake for 1 hour and 15 minutes to 1 hour and 30 minutes, or until a toothpick inserted into the center comes out clean. Let cool for 10 minutes in the pan before transferring to a wire rack to cool completely.

For the Caramel Icing:

1. In a medium saucepan, melt the butter over medium heat.
2. Stir in the brown sugar and salt, cooking until smooth and bubbly for about 2 minutes.
3. Gradually whisk in milk and bring to a boil. Remove from heat and let cool for 5 minutes.
4. Gradually add powdered sugar, whisking until smooth. Stir in vanilla extract.
5. Pour the icing over the cooled cake while it’s still warm, allowing it to drip down the sides. Spread evenly with a spatula if necessary.