Step 1

In large bowl, toss beef with salt and pepper. Spray 6-quart Instant Pot™ insert with cooking spray. Select SAUTE; adjust to normal. Melt butter in insert. Add beef in 2 batches, and cook 2 to 4 minutes on first side until browned. Turn and cook 2 to 4 minutes longer on second side or until browned. Select CANCEL.

Step 2

Return beef to insert. Stir in tomato paste. Stir in onions, carrots and potatoes. Stir in broth. Secure lid; set pressure valve to SEALING. Select MANUAL; cook on high pressure 45 minutes. Select CANCEL. Set pressure valve to VENTING to quick-release pressure.

Step 3

In small bowl, beat cornstarch and water with whisk. Select SAUTE, and adjust to normal; heat liquid to simmering. Gently stir in cornstarch mixture; cook 30 to 60 seconds, stirring frequently, until thickened. Select CANCEL.