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Preheat the oven to 350°F. Butter an 8-inch baking dish.
Cut the bread into 1-inch cubes. If the bread is fresh, place it on a baking sheet and bake for 4 to 6 minutes (or until slightly dried). Cool completely.
Meanwhile, in a medium bowl whisk together eggs, cream, sugars, vanilla, and cinnamon.
Pour the egg mixture over the bread. Add raisins and toss lightly with your hands. Transfer the bread mixture to the prepared baking dish. Drizzle butter over top.
Bake for 35 to 40 minutes until a knife inserted in the center comes out clean.
Meanwhile, for the sauce, combine the brown sugar and butter in a medium saucepan. Bring to a boil over medium heat while whisking and let boil for 1 minute. Remove from heat and whisk in heavy cream. Allow to cool slightly.
Drizzle the caramel sauce over the baked bread pudding and serve warm.