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most likely you have to reinstall/repair C++ 2015 redistr. In the majority of cases, this issue happens due to lack of required OS components, but you already stated that you have SP1 installed
summary from http://stackoverflow.com/questions/33265663/api-ms-win-crt-runtime-l1-1-0-dll-is-missing-when-open-office-file
The program can't start because api-ms-win-crt-runtime-l1-1-0.dll is missing from your computer. The problem is that the KB2999226 (Universal CRT) which is part of the Visual C++ Redistributable for Visual Studio 2015 failed to install. Solution Install Windows Updates: Go to Start - Control Panel - Windows Update Check for updates Install all available updates. After the updates are installed, restart your computer. After the restart repeat the steps above again until no more updates are available.
I have the same problem now, though when i tried to reinstall the Visual C++ 2015 the installer ended with an error and LIF is still giving me the error that the file is missing.
I dont know what to do. Most other steam games that i have run perfectly.
I forgoted to add: I think my win is 7 ultimate not SP1.
based on MS article i can say that C++ 2015 requires Win7 SP1 to be installed
https://support.microsoft.com/en-us/kb/2999226
check prerequisites section for details