First, prepare your ingredients. Cut the beef rump into 2 inch chunks. Dice the onion into medium size pieces, and the carrots into medium size rounds. Slice or quarter the mushrooms, depending on your preference. Chop the potatoes into medium bite size pieces.
Turn your instant pot onto saute mode, with a drizzle of olive oil. Add the cubed beef rump and sear for a couple minutes on each side, do not overcrowd the pot. Once browned, remove and set aside.
Deglaze the pot with a little bit of beef stock. Add the onion and carrot to the pot, saute these until the onions begin turning translucent. Then add the garlic.
Mix the tomato paste into the vegetables, cook for a minute or so to get rid of the bitter taste.
Return the beef to the pot, along with the potatoes and mushrooms. Pour in the beef stock, and the seasonings. Give everything a good stir to combine.
Place the lid on the instant pot, ensuring it is on ‘seal’. Select ‘pressure cook’ and leave the beef stew to cook for 30 minutes.
After 30 minutes, allow the instant pot to natural release for 15 minutes. Then manual release until all pressure has been released.
Turn the instant pot back on to saute mode, and bring the stew to a light bubble. Mix together your cornstarch and water to create the slurry.
Drizzle the cornstarch slurry into the beef stew, mixing thoroughly. Leave to simmer for a couple minutes, until the sauce has thickened.
Serve and enjoy!