In medium saucepan over MED heat, toast peppercorn for 1 min. Add butter and when foaming, add onion and shallot. Cook 2 min or until softened. Add peaches, cook another 2 min.
Add raisins, salt and liquids. Mix well and bring to simmer for 10 minutes. Remove from heat and allow to cool slightly.
Add to a blender and puree until thick and smooth. Refrigerate before serving.