Stir cream and espresso powder together in a bowl until dissolved.
Meanwhile, in a medium bowl, beat cream cheese with an electric mixer until smooth and creamy. Add mascarpone cheese and beat until smooth.
Add powdered sugar and vanilla extract; beat on low speed using an electric mixer until mixed. Add heavy cream and espresso mixture and increase speed to high and beat until soft peaks form – do not over beat.
Place in a serving bowl and sprinkle with cocoa powder (I use a small fine mesh strainer). If not serving immediately, cover dip before sprinkling with cocoa powder and refrigerate.
Serve with ladyfingers, vanilla wafers or fruit.
