'Location is not valid. Choose a different installation location'

In order to generate an installation log it is possible to run the installation msi using this msiexec.exe syntax:
msiexec.exe /i "c:\temp\EV12_2\Veritas Enterprise Vault Outlook Add-in (x64).msi" /l*v % c:\temp\EV12_2_installation.log
...
DiscoverUserProfileFolders: Reading Software\Microsoft\Windows NT\CurrentVersion\ProfileList\S-1-5-21-3996252454-1593923020-1288111758-1003 for value ProfileImagePath
DiscoverUserProfileFolders: Error 0x2: RegQueryValueEx failed to read ProfileImagePath with error 2
DiscoverUserProfileFolders: ReadRegistry : END
DiscoverUserProfileFolders: Found profile with SID S-1-5-21-3996252454-1593923020-1288111758-1003 and path
...
MSI (c) (FC!38) [17:20:40:508]: PROPERTY CHANGE: Modifying INVALID_INSTALLFOLDER property. Its current value is '0'. Its new value: '1'.
Action ended 17:20:40: ValidateInstallFolder. Return value 1.
MSI (c) (FC:9C) [17:20:40:509]: Doing action: ErrorInvalidInstallPath
Action 17:20:40: ErrorInvalidInstallPath.
Action start 17:20:40: ErrorInvalidInstallPath.
The installation fails because in one of the windows profiles (HKLM\SOFTWARE\Microsoft\Windows NT\CurrentVersion\ProfileList) the value 'ProfileImagePath' is either missing or containing an empty value. The location is not valid because the add-in installation cannot use an empty value for determining the user's profile path.