Place the mushrooms in a glass bowl and pour 2 cups of boiling water over them. Cover and let soak.
In a 4-quart or larger pressure cooker, heat the oil - in the Instant Pot - press saute. Add the leeks and the fennel seeds and cook over medium-high heat, stirring often, until leeks are softened, about 4 minutes.
Stir in the barley, stirring it to coat it with the oil.
Add the sherry and cook until it evaporates.
Stir in the broth. Add the soaked mushrooms with their soaking liquid, taking care to not pour in any grit that may have settled in the bottom of the bowl.
Lock the pressure cooker lid in place and turn valve to sealing. Set to high pressure for 18 minutes.
When timer beeps, let pressure reduce naturally for 10 minutes. The turn the sealing vent to allow the rest of the pressure to release. When pressure has returned to normal (valve has dropped) remove the lid.
Stir the risotto and either set it back to saute or leave on the warm feature. Cook for about 5 minutes or until it thickens and the barley is done to your liking.
Stir in the parsley and Parmesan cheese. Season with salt and black pepper to taste.
Serve with extra Parmesan cheese.