Format message string in C# to fill in Win32 place holders "%1"

Is there a way to correctly format the message string placeholders %1, %2, etc. from Win32 error strings?

The Win32Exception class returns the original Win32 message, but string.Format() only recognizes the C# placeholders like '{0}'.

Consider this example code:

using System;
using System.ComponentModel;
using System.Runtime.InteropServices;
using System.Security;

namespace ConsoleApplication1
{
  [SuppressUnmanagedCodeSecurity]
  internal static class NativeMethods
  {
    [DllImport("kernel32", CharSet = CharSet.Unicode, SetLastError = true)]
    internal static extern IntPtr LoadLibrary(string lpFileName);
  }

  internal class Program
  {
    private static Win32Exception GetLastErrorFormatted(string argument)
    {
      var exception = new Win32Exception();
      return new Win32Exception(exception.ErrorCode, exception.Message.Replace("%1", argument));
    }

    public static IntPtr LoadLibrary(string filename)
    {
      var result = NativeMethods.LoadLibrary(filename);
      if (result == IntPtr.Zero)
        throw GetLastErrorFormatted(filename);
      return result;
    }

    private static void Main(string[] args)
    {
      try { LoadLibrary(@"C:\Windows\System32\eventvwr.msc"); }
      catch (Win32Exception e) { Console.WriteLine(e.Message); }
    }
  }
}

It does return the expected string "C:\Windows\System32\eventvwr.msc is not a valid Win32 application" because I manually replaced the place holder %1 with the filename. But does a .Net library function exist that can correctly format all placeholders with all its bits and pieces?