Place the stew meat in a large bowl. Season with salt and pepper, then sprinkle the cornstarch over the top. Toss until the meat is evenly coated.

Set the Instant Pot to sauté. When it’s hot, add the butter. Once the butter melts and starts to sizzle, add the beef. Sear for a few minutes, turning occasionally, until the meat is browned on all sides. You don’t need to cook it through—just brown it for flavor.

Pour in the beef broth and use a wooden spoon to scrape up any browned bits from the bottom of the pot. Press cancel to turn off sauté mode.

Add the Worcestershire sauce, paprika, rosemary, thyme, bay leaf, pearl onions, carrots, celery, potatoes, brown sugar, and tomato paste. Stir well to combine.

Secure the lid and set the valve to sealing. Cook on high pressure for 35 minutes.

When the cooking time ends, let the pressure release naturally for 10 minutes, then carefully turn the valve to venting to release the remaining pressure.

Open the lid, remove the bay leaf and herb stems, and give the stew a gentle stir. Taste and adjust seasoning if needed before serving.