In the bowl of a stand mixer fitted with the paddle attachment, beat butter at medium speed until creamy and smooth, 4 to 5 minutes. Reduce mixer speed to low, and gradually add confectioners’ sugar. Once confectioners’ sugar is mixed in, increase mixer speed to medium- low, and beat until light and fluffy, 4 to 5 minutes. Beat in caramel and heavy cream, and beat at medium speed until smooth and fluffy, 3 to 4 minutes. Use immediately.