In a mixing bowl, beat together the cream cheese, powdered sugar, and vanilla extract until smooth. In another bowl, whip heavy cream to stiff peaks. Gently fold the whipped cream into the cream cheese mixture and spread into the crust. Refrigerate for 6-8 hours until set.

Mix water with cornstarch until smooth. In a saucepan, combine sugar and raspberries and cook over medium-high heat until boiling for 5-7 minutes. Add cornstarch mixture and boil for another 2 minutes. Remove, cool for 30 minutes, refrigerate until chilled.

Once the cheesecake layer is set, spread the cooled raspberry mixture over the top. Cover with plastic wrap and refrigerate overnight.

Remove pie from refrigerator, optionally garnish with whipped cream and fresh raspberries. Slice and serve chilled.