This is very odd. I have been using P3dv4.5 for quite some time with no issues. I recently installed the Captain Sim 767 II base model. I tested it in the sim and everything was working fine. Then I used the "ACE" configuration that comes with the plane in order to download and install liveries. (The simulator was closed). After closing "ACE" I started the simulator up. At first the splash screen/UI opened but the section where it shows the F22 wasn't showing the model (the model wasn't visible just a dark square). I pressed the change aircraft button, it opened up the aircraft selection window, but none of the planes were visible. I selected the F22 even though I couldn't see it because its information was visible in the adjacent screen. I then proceeded to load a scenario. The sim loaded but I couldn't see anything - the screen was black, but I could hear the aircraft and the sim running.
I then closed the simulator and restarted. Upon trying to open the sim I got the error message "No Shader HLSL directory found." I tried again several times, and got the same message. I then uninstalled and reinstalled the prepar3dv4.5 client. I shutdown and restarted my computer. I was able to get back to the splash screen again, but again without the aircraft displaying. I shutdown the sim again and restarted it. Upon restarting I got the same "No Shader HLSL directory found" message and keep getting the same message.
I find this very odd because this issue wasn't happening with a new installation, but after the sim had been functioning normally for quite some time. The only variable is when I tried to install the 767 liveries, but I don't know why this would impact the sim this way. I've never had this issue before. I reviewed the other messages on this forum dealing with a similar issue, but that issue was from 2016. Please help!!

Isles

CPU - i7-7700K, 4.2GHZ
GPU - GTX 1070
VRAM - 8GB
RAM - 32GB

ACE (same as any other product's component) got nothing to do with shaders.

https://www.google.com/search?q=prepar3d+No+Shader+HLSL+Directory+Found

Hi,
a few days ago I got the 767II and had exactly the same situation happening to me. I don´t know if that had something to do with the ACE but nevertheless something happened to my simulator after using the 767 for the first time with externaly downloaded liveries which I installed via the ACE (not downloaded through the ACE). I couldn´t find out what the problem was so I completely reinstalled my P3DV4  :-/

The issue may be Immersion Manager from Parallel 42, if you have it. They made an update that appears to have resolved this issue. I am new here so I can't post links h, but if you check the P3dv4 forum under the topic,  "SHADERHLSL FILE DISAPPEARING" you should find the fix that worked for me. Specifically, the topic is under the following tabs/links on the P3dv4 website and forum:
Prepar3D -> Board index, Prepar3D Application Support -> Prepar3D Client Application Questions -> SHADERHLSL FILE DISAPPEARING

I hope this helps, or anyone else looking at this thread.

Thanks for the info mate, might just have been a strange coincidence between installing the 767 and the immersion manager update