It should also be borne in mind that on some computers the game can load for a long time, this can be fixed by changing the settings to the minimum and freeing up system and disk memory. However, this may not work for everyone. In some cases, you will have to wait for the game to load.
I have this exact same issue and have yet to find a solution. It is certainly not a spec issue, I have 16GB of RAM, an i7-4790k and a 1070 Ti, as well as the game installed to a SSD, I have even had the game installed (Although not this repack and not this windows install) on my machine before with no issues. initSettings.exe will not even run, and when I try to run the game itself I get a cursor change and a black screen, wait 20 minutes and nothing happened. I have tried running the game in compatability mode, running as admin and using the included batch file to correct the registry. It's installed in a basic location "C:\Illusion\Koikatsu", so there should be no pathing issues. I tried using "Locale Emulator" and "NTLEA", but it changed nothing. I also went in and used KKManager to update the included mods. As a last ditch effort I even tried the "Vanillify the game" batch file and it still will not run.
The only possible thing I can think of is that I'm running Windows 10 LTSC and have heard rumors of certain games not working, but have never seen it in the wild. So for anyone else in this same boat, we may not be able to play the game at all on LTSC.