This error means the Parsec files that are used for 32-bit games are missing. This used to happen mainly because of a bug where Parsec would take a while to add the files, but it has since been fixed in build 150-71.
If you have this error, check if the parsec-XXX-XX.dll and appdata.json can be found in %appdata%\Parsec\windows32 (or %programdata%\Parsec\windows32). If it's not there, check that your anti-virus software isn't removing it.