Preheat oven to 325 degrees F. and butter and flour a 1 1/2-quart Bundt pan, knocking out excess flour.
In a saucepan combine apricots, raisins, and 1/4 cup sugar with 2 cups
water and bring to a boil. Simmer mixture until softened, about 15 to 20 minutes. Drain mixture, discarding liquid, and cool.
In a bowl whisk together flour, baking powder and pecans. In another
bowl with an electric mixer beat together cream cheese, butter, vanilla,
and remaining 1 1/2 cups sugar until light and fluffy. Beat in eggs, 1 at a time, beating until well combined. Stir in apricot mixture and fold in flour mixture in 3 batches until combined well.
Spoon batter evenly into prepared pan, smoothing top, and bake in middle of oven 1 hour 5 minutes to 1 hour 10 minutes, or until browned and a tester comes out clean. Cool cake in pan on a rack 10 minutes. Turn cake out onto rack and cool completely. Wrap cake in plastic wrap or foil and chill overnight. Serve cake at room temperature.