Stir in tomato paste, bay leaves, thyme, and rosemary. Cook for 1 minute.
Pour in red wine (if using) and deglaze the pot, scraping up any browned bits from the bottom.
Return beef to the Instant Pot. Add beef broth and potatoes.
Secure the lid and set the vent to ‘Sealing’. Cook on ‘Manual’ or ‘Pressure Cook’ on high pressure for 35 minutes.
Once cooking is complete, allow for a natural pressure release for 10 minutes, then quick release any remaining pressure.
Carefully remove the lid. Discard bay leaves.
In a small bowl, whisk together cornstarch and cold water to create a slurry.
Set Instant Pot to ‘Saute’ mode. Stir the cornstarch slurry into the stew. Cook, stirring constantly, until the stew thickens to your desired consistency.
Stir in frozen peas (if using) and cook for 2-3 minutes, or until heated through.
Taste and adjust seasoning as needed. Serve hot.
Notes
For extra flavor, use a good quality beef broth.
You can add other vegetables like mushrooms or parsnips.
If you prefer a thicker stew, add more cornstarch slurry, a little at a time, until it reaches your desired consistency.