Visual Studio - "Object reference not set to an instance of an object" when creating new Project

I have a user who's getting the famous "Object reference not set to an instance of an object" error message when he tries to create a new Project. He only gets this when his project type is Business Intelligence Projects -> Report Server Project.

Researching this error, I know that it means that an attempts has been made to reference a "null" object. The error seems much more commonly seen as a result of flawed .NET coding, where a developer tries to reference an object that doesn't exist or is out of scope. But in this case, there's none of our program code involved - we just want to create a new project!

This error seems profile-specific. I've tried exporting the VS registry tree from another profile that doesn't have the error, but to no effect.

It feels like there's some registry key or user folder that's simply missing - any ideas?

However, I have no information on what kind of an object reference is being made when you're just trying to create a new project.