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In a large pot of cold salted water, add the potatoes. Ensure the water covers the potatoes completely. Cover the pot with a tight-fitting lid and bring it to a boil over high heat. Once boiling, remove the lid and reduce the heat to medium-high. Cook until the potatoes are fork-tender, about 25 minutes.
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While the potatoes are boiling, in a large non-stick skillet over medium-high heat, melt ¼ cup (½ stick) of butter. Once melted, add the onions and sauté them for 25-30 minutes, stirring occasionally, until they are very tender and caramelized to a rich golden brown color. Reserve ¼ cup of the caramelized onions for topping the potatoes.
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In the last few minutes of cooking the onions, add the remaining butter, heavy cream, salt, and pepper. Stir until the butter is melted and the mixture is warm. Carefully transfer the onion mixture to the bowl of a food processor. Blend until smooth and creamy.