Program to SAUTÉ. Heat oil; add beef and cook until browned on all sides.
Stir in water, tomato paste, and seasoning. Fold in carrots and potatoes.
Secure lid. Place steam release valve in SEALING position. Program to HIGH pressure, and set the time to 35 min. This will take some time to get up to temperature before the timer starts to count down.
When cook time has finished, let the pressure release naturally for 15 min.
Using a long-handled spoon, push the steam release handle to VENTING position. Release pressure completely before opening lid.
In a large pan, heat oil over medium-high heat. Add beef; cook until browned on all sides.
Transfer to slow cooker vessel. Stir in water, tomato paste, and seasoning. Fold in carrots and potatoes.
Cover and cook 8 hours on low.
Per serving (about 2 cups): Calories 360, Fat 9 g (Saturated 3 g, Trans 0 g), Cholesterol 50 mg, Sodium 570 mg, Carbohydrate 44 g (Fiber 9 g, Sugars 10 g), Protein 26 g.
To thicken stew, whisk together 1⁄4 cup corn starch with 3 tbsp cold water. Turn off the heat; stir into cooked stew, until thickened, about 2 min.
Upgrade your stew to a “daube”—a fancy French word for stew—and swap 2 cups water for 2 cups dry red wine.