Turn your Instant Pot on to "Saute", then add olive oil to the pot. Add the beef, Italian sausage, and pancetta and cook until browned, breaking up the meat with a wooden spoon as it cooks. Drain if needed, then return to pot.
Add onion, carrot and celery and cook for 4 more minutes, or until softened. Scrape the bottom of the pot with a wooden spoon as the onions and peppers cook and give off liquid.
Add garlic and cook, until fragrant, about 30 seconds. Pour in red wine and cook, stirring often, until reduced, about 2 minutes.
Add all remaining ingredients (except for heavy cream and basil) and stir, scraping the bottom of the pot to ensure no browned bits remain.
Cancel the saute function, and secure Instant Pot lid, making sure the valve is set to "sealing". Press the Pressure Cook or Manual button and use the +/- buttons to set the timer for 20 minutes.
Once the timer beeps, let out the pressure by carefully moving the valve to “venting" to perform a quick release. When the pin drops, remove lid and set aside.
Select "saute" and select LOW. Stir in heavy cream and basil and simmer, uncovered, stirring often, until thickened to desired consistency, about 5-10 minutes.
Taste and adjust seasoning if necessary. Serve over pasta with grated Parmesan cheese and additional chopped basil if desired.