Combine the bell peppers and cream in a medium heavy pot, and bring to a boil. Reduce the heat to medium-low and simmer until reduced by half, about 35 minutes, stirring occasionally. Remove from the heat.
Add the paprika, lemon juice, salt, white pepper, and cayenne. With an immersion blender, or in batches in a food processor, puree the mixture until smooth. Serve hot.
Yield: 2 cups