CommerceProfileSystem Exception: Failed to initialize profile service handle

Upon a recent update to windows 10 I found that none my Sitecore Commerce projects were working any more. Instead I was facing an error:

COMException (0x80004005): Error HRESULT E_FAIL has been returned from a call to a COM component.
CommerceProfileSystemException: Failed to initialize profile service handle.

No further information in the logs, but it turns out it was a simple fix, installing a hotfix found here.