In medium bowl, whisk heavy whipping cream and espresso powder until blended.

In large bowl, use hand mixer to beat cream cheese until smooth. Add Mascarpone cheese and beat until combined. Gradually add powdered sugar, beating after each addition. Add vanilla extract; beat mixture. Add espresso mixture; beat until soft peaks form.

Keep refrigerated until ready to serve.

Spoon mixture into serving bowl. Sprinkle with cocoa powder. Serve with wafers or fruit.