Bring a large pot of water to boil.
Heat the 2 tablespoons of the olive oil in a heavy bottom skillet over medium high heat.
Add the mushrooms and sauté for about 10-15 minutes, stirring occasionally, until the mushrooms are golden brown and caramelized. Reduce the heat to medium and add in the garlic and shallot and sauté for a few minutes more until the shallot is just translucent.
Taste the mixture and season with salt and pepper as needed.
Add the pasta to the boiling water and cook according to the package directions. Once the pasta is cooked, reserve 1/2 cup of the pasta water and drain the pasta. Add the cooked pasta and remaining water to the mushroom mixture and toss to combine. Adjust salt and pepper as needed and top with basil and parmesan cheese. Toss everything together to combine and serve.