Is there any difference building / running an application targeting .Net 4 if you have installed only .Net 4 Framework or .Net 4.5 Framework?
A colleague of mine said that even if the application targets .Net 4 installing the 4.5 makes a difference and I'm unsure.
NET 4.5 is an "in-place upgrade" of .NET 4, so even if you target .Net 4 you will be using .NET 4.5, see http://www.hanselman.com/blog/NETVersioningAndMultiTargetingNET45IsAnInplaceUpgradeToNET40.aspx.
Summarising this blog, there are three major version of .NET that can be installed side by side:
The "minor" versions are in place upgrades
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