In a large saucepan, combine chopped peaches, sugar, and lemon juice. Bring to a boil over medium heat.
Cook for 5-8 minutes, stirring constantly, until the peaches soften.
Using an immersion blender, roughly blend the peaches.
Continue cooking for another 5-8 minutes, or until the filling thickens and reduces by about a third, stirring constantly.
Remove the filling from heat and let cool to room temperature. It will thicken further as it cools.
Bake the Cake:
Preheat oven to 350°F (175°C). Line the bottoms and sides of two 8-inch cake pans with parchment paper.
In a medium bowl, whisk together flour, baking powder, and salt. Set aside.
In a large mixing bowl using a stand mixer or handheld mixer with a whisk or paddle attachment, cream together butter, oil, and sugar until light and fluffy (about 2-3 minutes).
Beat in the eggs one at a time, then stir in the vanilla extract.
Alternately add the dry ingredients and buttermilk to the wet ingredients, beginning and ending with the dry ingredients. Mix just until combined.
Divide the batter evenly between the prepared cake pans.
Bake for 30-33 minutes, or until a toothpick inserted in the center comes out clean. Don’t overbake!
Let the cakes cool completely on a wire rack.
Make the Whipped Cream:
In a large bowl, use a whisk to whip the heavy cream until soft peaks form.
Gradually add the sugar and continue whisking until stiff peaks form.
Assemble the Cake:
To create a flat surface, carefully cut a thin layer off the tops of the cakes.
Cut each cake layer in half horizontally, resulting in four cake layers total.
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