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Combine the whole milk and heavy cream in a heavy-bottomed saucepan over medium heat. Bring to a gentle boil, stirring frequently to prevent a skin from forming, about 8–10 minutes.
Reduce the heat to medium-low and stir in the sweetened condensed milk and sugar. Continue cooking, stirring every 2–3 minutes and scraping the sides and bottom of the pan, until the mixture has reduced by roughly half and coats the back of a spoon thickly, about 30–35 minutes. The mixture should look noticeably thicker and a shade more ivory than when you started.
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