Set the Instant Pot to “Saute”.
Add 2 tbsp of oil. Wait until it says hot.
Season the beef pieces with salt and pepper. Cook in batches for 2 minutes per side until no longer pink. Transfer to a plate.
Add more oil and the onion and garlic. Cook for 2 minutes, stirring frequently.
Add the carrots, cook for 1-2 minutes.
Add in the potatoes, peas, more salt, black pepper, thyme, bay leaf, beef stock (or vegetable stock), tomato sauce and wine.
Cancel the “Saute” option. Add the meat back to the Instant Pot.
Close the lid and set the valve to sealing.
Cook on manual high pressure for 35 minutes, then allow for 15 minutes of natural release. After that release the remaining pressure manually.
Add in the cornstarch mixed with cold water. Stir, then set the Instant Pot to “Saute” and cook for 2-3 minutes, stirring frequently, until the sauce is thickened.