- 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, carrots and celery 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.