In a small saucepan, heat milk until very hot but not boiling. Remove pan from heat, and add 2 tablespoons butter, stirring until melted. Let mixture cool to room temperature.
In a large bowl, combine yeast, 1 tablespoon granulated sugar, and warm water. Let stand until mixture is very foamy, approximately 10 minutes. Add cooled milk mixture, stirring well. Add egg, whisking to combine. Add remaining 3 tablespoons granulated sugar, stirring to blend.
In a medium bowl, combine 2¾ cups flour, salt, nutmeg, and allspice, whisking well. Add flour mixture to milk mixture, stirring until incorporated.
On a lightly floured surface, knead dough by hand until smooth and elastic, 8 to 10 minutes. (Alternatively, use a mixer with a dough-hook attachment, according to manufacturer’s instructions.)
Lightly oil a large bowl. Place dough in bowl, turning to coat with oil. Cover bowl with a damp cloth, and let rise in a warm (85°), draft-free place until doubled in volume, approximately 1½ hours. While dough is rising, make filling mixture.
In a small bowl, combine brown sugar, pecans, remaining ¼ cup flour, raisins, melted butter, and cinnamon, stirring to combine.
Preheat oven to 350°.
Line a rimmed baking sheet with parchment paper.
Once dough has risen, push down to deflate, and turn out onto a lightly floured surface. Using a rolling pin, roll into a 16-x-10-inch rectangle. Sprinkle filling over dough, leaving a 1-inch border on both long sides. Starting at one long side, roll up tightly, jelly-roll fashion. Bring ends of dough roll together and pinch to create a seal, shaping dough into a ring. Place on prepared baking sheet.
Using scissors, make cuts at even intervals around dough ring, cutting one-third of the way through dough to filling. Cover lightly with plastic wrap, and let rise again until doubled in size, approximately 45 minutes.
Bake until golden brown and a wooden pick inserted in the center comes out clean, 15 to 20 minutes. Let cool slightly before transferring to a wire cooling rack.
In a small bowl, combine confectioners’ sugar and water, whisking until smooth. Spread glaze over slightly warm king cake.
Garnish with colored sugars, if desired.
Serve immediately, or store in a covered container at room temperature.
Recipe by TeaTime Magazine at https://teatimemagazine.com/mardi-gras-king-cake-recipe/