Turn the Instant Pot on sauté setting and add the butter and olive oil.
While the are melting dice the mushrooms.
Add the mushrooms to the Instant Pot and sauté 4 minutes until starting to brown.
Meanwhile, finely chop the onion.
Stir in the onion and sauté another 3 minutes.
Stir in the rice and keep stirring until it is well coated.
Add the wine, scraping the bottom of the pot, and simmer 2 minutes to let the alcohol in the wine cook off.
Add the chicken broth and simmer 1 minute.
Put the lid on the pressure cooker and lock it. Make sure knob is set to sealing.
Select high pressure, and set the timer for 6 minutes. It will take 10-15 minutes for pressure to build.
When the timer goes off, let the pressure manually release for 3 minutes and then carefully turn the knob to “venting” and allow pressure to release fully.
Remove lid and stir until creamy and combined.
Top with the Parmesan if desired and serve.
Notes
Don’t worry if the risotto looks too liquidy when you first take off the lid. It will thicken as it cools slightly.