Bring a large pot of lightly salted water to a boil. Add pasta and cook for 8 to 10 minutes or until al dente; drain and set aside. Meanwhile, cook pancetta in a large frypan over medium heat until browned but not crispy, about 5 minutes. Drain on a paper towel-lined plate and set aside.
Pour pancetta grease out of the frypan and add butter. Increase heat to medium-high and stir in sliced mushrooms. Cook and stir until the mushrooms have softened and released their liquid. Add the minced garlic and cook 2 more minutes. Reduce heat to medium-low, then stir in cream and Italian herbs. Simmer until the sauce has thickened slightly.
To serve, toss the cooked penne with the sauce and sprinkle with Parmesan cheese.