Pat the beef dry with paper towels and season with salt and pepper.
Select SEAR/SAUTE and set the time to 30 minutes . Press START.
When the preheating time has completed, add 3 tbsp of oil into the cooking vessel. Once oil just starts to smoke, sear the meat by adding 1/3 of the beef. Brown on all sides for 8-10 minutes a side. Transfer beef to a large bowl. Repeat with remaining beef until all beef has been browned.
Melt the butter in the pot. Add onions and 1 tsp salt, cook until onions are softened 6-7 minutes, stirring often.
Stir in the garlic and thyme, and cook for 30 seconds until fragrant.
Stir in the flour and tomato paste and cook for about 1 minute.
Add red wine and whisk well. Scrape up brown bits from the bottom and smooth out any lumps.
Add in broth, carrots, potatoes, bay leaves and beef, along with any juices from the beef. Stir well. Press CANCEL. Close the lid.
Select SLOW COOK – and set the timer for 6 HOURS. Press START.
When the cooking is complete the notification will sound. Remove the lid and discard the bay leaves and thyme stems.
Stir in peas and place the lid on and let sit for 10 minutes.
Stir in parsley and season with salt and pepper to taste.