In a pot over medium heat, melt the butter and add olive oil. Add the mushrooms and sauté for 3 minutes.

Add the shallots, garlic, and thyme, and stir for a minute. Pour in the white wine and let it simmer until the liquids reduce and evaporate.

Add the rice, stir, and gradually add vegetable broth/water until the rice is covered. Stir over low heat until the liquids reduce, and the rice absorbs the fluids. Continue adding vegetable broth/water gradually until the risotto reaches the desired consistency.

Season with salt and pepper. Finally, pour in the heavy cream, reduce it slightly, and turn off the heat. Stir in the Parmesan and butter until you achieve a very creamy risotto.