Bring a large pot of salted water to a boil and cook pasta according to package instructions until al dente.
While pasta cooks, heat olive oil in a large skillet over medium heat and add diced bacon.
Cook bacon until crispy, then remove excess fat leaving approximately one tablespoon in the pan.
Add onion to the skillet and sauté until translucent, followed by garlic for 1 minute.
Pour in heavy cream and bring to a gentle simmer for 3 minutes to slightly thicken.
Stir in grated parmesan cheese and black pepper until the cheese is melted.
Drain pasta, reserving 1/2 cup of pasta water.
Toss pasta into the sauce, adding reserved water as needed to reach desired consistency.
Garnish with fresh parsley and serve immediately.