Can you try to perform the following:
1. Close all Toolset Tools.
2. Rename the following to Launchpad.xml.old
3. Try to open Launchpad by right clicking on the application and click "Run as Administrator"
Has no affect.
Sorry if that didn't help. How about try a quick repair of the application by performing the following:
1. Delete the following files to the recycle bin:
2. Run installer for latest version of Toolset
if already installed, select repair