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SmartPLS probably tries to use more memory than your computer system has available. You need to reduce the assigned memory.
Open the smartpls.ini file which is located in the SmartPLS installation folder with a text editor. Delete the lines containing -Xms1500m and -Xmx1500m . Then save the file and run SmartPLS again.
Instead of deleting the mentioned lines you can of course also amend the values to fit your computers main memory capacity.