Bring water to boil for pasta. Start the sauce while the water is boiling. Cook pasta according to directions.
Heat olive oil over medium heat, add pancetta and cook until browned. Lower heat. Add pesto and mix well, stirring frequently. When the pesto is warmed and just a little bubbly, slowly stream in the heavy cream as you stir. Add the Parmesan Cheese.
Once sauce starts to simmer and the cheese has melted, add the pasta mixing well until creamy. Use a little reserved pasta water to thin out the sauce, if needed. Salt and pepper to taste.