Place a large pot of water on the stove to boil. Salt the water.
Place a frying pan on medium-low to medium heat. Add the olive oil, shallot and garlic. Cook until softened and shallots are translucent, stirring often, about 5 minutes. If garlic starts to color, turn down the heat.
Add pancetta and cook until some of the fat renders, 3-4 minutes.
Add tomato paste and cook for 3-4 minutes.
When the water is boiling, add the pasta and cook until just al dente (usually 1 minute less than the lower time suggested in the box directions). Reserve some pasta water.
Add the cream. Once the cream comes to a simmer, turn heat to medium-low or low and cook for 5-10 minutes while the pasta cooks, stirring often to ensure the sauce does not get too thick. You want the sauce to coat the back of a spoon.
Add the al dente pasta to the sauce and toss to combine. If the sauce has gotten a bit too thick, add a scoop of the pasta water and stir until you reach the desired consistency.
Taste for seasoning. If needed, add a bit of salt.
Ladle the pasta into bowls, top with parsley and serve immediately.