In a medium mixing bowl, beat the cream cheese at medium speed until creamy and lump-free, about 2 minutes, scraping down the sides of the bowl as necessary. Gradually add the sugar and beat until blended. Add the praline paste and mix at low speed until well blended and no lumps remain. Add the heavy cream and vanilla extract and mix just until combined. Add the eggs one at a time, mixing well after each addition and scraping down the sides of the bowl as necessary.
Scrape the batter into the cooled crust. Place the pan in a roasting pan or large baking pan. Pour enough hot water into the roasting pan to come 1 inch up the sides of the springform pan. Bake the cheesecake in the water bath for 60 to 70 minutes, until the center of the case is set but slightly wobbly (the cake will set completely as it cools).
Remove the cake pan from the water and immediately run the tip of a paring knife around the sides of the pan to prevent the top from cracking. Transfer the pan to a wire rack and cool the cake completely.
Refrigerate overnight before serving.
To serve, slice the cake with a thin-bladed sharp knife, wiping the knife clean between each cut.
Serve with whipped cream and/or extra praline paste formed into a disk on top.
Store in the refrigerator, loosely covered, for up to 5 days.