Mix together the nutmeg, 2 teaspoons salt and 1 teaspoon pepper. Use to season the beef on all sides. On a 6-quart Instant Pot, select Normal/Medium Sauté. Add the oil and pancetta, then cook, stirring occasionally, until the pancetta has rendered its fat but is not yet crisp, 3 to 5 minutes. Stir in the mushrooms and ½ teaspoon each salt and pepper. Cook, stirring occasionally, until the liquid released by the mushrooms has evaporated and the mushrooms begin to brown, 6 to 8 minutes. Add the garlic and cook, stirring, until fragrant, 1 to 2 minutes. Using a slotted spoon, transfer the mixture to a bowl and set aside. To the fat remaining in the pot, add the tomato paste and cook, stirring occasionally, until browned, 1 to 2 minutes. Add the wine and ¼ cup water, scraping up any browned bits.