This is a general 3rd Party Problem with the new PostgreSQL Version in the Service Pack.
From the Service Pack Release Note:
During an installation of HPDM 4.7 SP1, the database upgrade process might fail for PostgreSQL due to the unstable behavior of the PostgreSQL 8.3 service on some newer versions of Windows Server, such as Windows Server 2012 R2. To resolve this, restart the server and run the installer again without uninstalling anything. The installation should work after one or two retries. If it keeps failing when using a local account, try running the installer using a domain account that has local administrator privileges.
Btw. Service Pack 5 was released: ftp://ftp.hp.com/pub/hpdm/