For the Beef Filling: In a large stainless steel skillet, cast iron skillet or wok, heat 1 tablespoon oil over high heat until shimmering. Add half the diced beef, distributing it in an even layer and cook without stirring until juicy on top and browned underneath, about 3 minutes. Season with 1 teaspoon salt and a ⅛ teaspoon pepper, then use a wooden spoon to stir to release beef from bottom of skillet. Transfer beef to a medium bowl. Repeat with 1 tablespoon oil, remaining beef, remaining 1 teaspoon salt, and remaining ⅛ teaspoon pepper.

Remove now-empty pot from heat, add 2 cups broth, and use a wooden spoon to scrape to release any remaining browned bits into liquid. Transfer liquid to a bowl or measuring cup and set aside.

Return pot to medium heat and heat remaining 2 tablespoons oil until shimmering. Add onion and cook, stirring often, until softened, 7 to 10 minutes. Add ají de color, cumin, and hot sauce (if using). Season with 1 teaspoon salt and ¼ teaspoon black pepper, and cook, stirring until fragrant, about 1 minute.

Add flour into onion mixture and cook, using a wooden spoon to stir frequently until no lumps remain, about 2 minutes. Stir in reserved liquid, reserved browned beef and bring to a boil over high heat. Reduce heat to low and simmer, stirring occasionally, until liquid is reduced by half and onions are completely soft, 10 to 12 minutes. Season with salt to taste, if needed.

Transfer prepared pino to a shallow baking dish or bowl and let cool at room temperature slightly, about 20 minutes, then refrigerate until completely chilled, about 1 hour.

For the Empanada Dough: In a small saucepan, heat butter and lard or shortening over medium heat until melted and hot and just starting to bubble.

In a large mixing bowl, thoroughly whisk together flour, salt, and baking powder. Make a well in center of flour mixture and add half of the hot water, half of the melted hot fat mixture, and half of the eggs. Using a wooden spoon, stir vigorously until combined and small lumps form. Add remaining water, fat mixture, eggs, and pisco and stir vigorously until a rough dough ball forms and separates from the sides of bowl.

Transfer dough to a lightly floured work surface and knead by hand until smooth, and still warm, about 3 minutes.

Wrap dough with plastic wrap and let rest at room temperature for 15 minutes.

To Assemble: When ready to assemble the empanadas, transfer pino stew to freezer until firm, 15 to 30 minutes. Adjust oven rack to middle position and preheat oven to 475°F (245°C). Line 2 rimmed baking sheets with parchment paper.

While pino par-freezes, cut dough into 12 equal pieces (4 ½ ounces; 125 g each). Working with 1 piece of dough at a time, dust dough piece lightly with flour and roll into a ball on a lightly floured work surface. Using a rolling pin, roll into a 8 ½-inch (21-22cm) round. Do not worry if disc is not perfectly round; edges will be trimmed later.

In lower center half of dough round, place ¼ boiled egg, 1 olive, 2 raisins, and ½ cup (about 3 ½ ounces; 100g) pino stew. Using pastry brush, lightly brush outer 1-inch edge of dough round with milk. Fold dough over filling (without stretching the dough), pressing gently on the border to seal the edges. It should look like a half moon.

Using a pasta wheel or pizza cutter, trim excess dough to form a ¾-inch (2cm) dough border. Lightly brush milk over sealed edge.

Using your fingers, make 3 folds of the dough border inward towards the filling: 2 from the corners towards the sides of the empanada on a 75°– 80° angle towards the center, and then 1 in the center, to close the empanada. Folds should slightly overlap. Using your index finger, press firmly in the corners where foldings meet. Repeat with remaining dough pieces and filling.

Arrange the empanadas on the prepared sheets, spacing them at least 1 inch apart. Re-whisk egg wash to recombine and brush empanadas with egg wash. Using a toothpick or tip of paring knife, prick tops of empanadas 3 to 4 times for ventilation.

Bake one sheet tray at a time, rotating once halfway through, until golden brown, 12 to 14 minutes. Transfer the baking sheet to a cooling rack and repeat with remaining baking sheet. Let empanadas cool for 5 to 10 minutes before serving.