Preheat oven to 325 degrees. Grease bundt pan with Wilton Cake Release
In mixer bowl, cream together the butter and cream cheese until well blended. Add sugar, and beat until light and fluffy. Blend in the eggs one at a time, then stir in the coconut extract. Mix in flour and baking powder until just moistened, then stir in coconut. Spoon batter into the prepared pan
Bake for 1 hour and 20 minutes in the preheated oven, until a knife inserted into the cake comes out clean. Allow the cake to cool in the pan for 10 minutes before inverting onto a cooling rack.
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