In a heat proof measuring cup, add dry porcini mushrooms. Then, pour boiling water over mushrooms. Cover tightly and set aside.
Press [Sauté] to pre-heat the cooker. When the word “hot” appears on the display, add the butter and olive oil. Then sauté the shallot until it begins to soften. Add fresh mushrooms and sauté until at least one side is golden brown.
Pour in the wine and let it evaporate completely. Then, add in the porcini mushrooms and their soaking liquid, salt, pepper, and the bay leaf.
Close and lock the lid of the Instant Pot.
Press [Pressure Cook] and then use the [+] or [ – ] button to set 12 minutes of pressure cooking time. When time is up, open the cooker using Quick Pressure Release.
Remove and discard the bay leaf. Add the olive oil, Parmgiano Reggiano cheese and puree the contents of the pot using and immersion blender.