I bought the Heroes series, but when I installed V, I couldn't find the Hammers of Fate campaign. Also, the game version shows to be 1.6 and not 2.1. I looked throughout the installation folder and could not find a separate launcher. How am I supposed to play the campaign?

I'll download it real quick and see if I can find the problem, but in the interim, any chance you're looking at the wrong Heroes V? There should be two, the bundle with the Fate expansion, but one with the tribes of the East expansion. Could that be it?

EDIT: Just downloaded and installed it; two files, the executable and one big binary. It shows as version 2.1 and includes Hammers of Fate. Thus, I would just recommend that you re-download the game and installer and try to install it fresh. I have no idea why you've got a broken version :/ Account -> Library and then click on Heroes V and download away.

Hammers of Fate has a separate installer. Not sure why it's not showing up for you; try looking again, and if you still can't find it, contact GOG.

EDIT: Wait, nevermind; that's Tribes of the East.

I looked in the bina1 directory and found an application called H5_Game which happens to be Hammers of Fate. Now I can play the whole story. However, why was it hard to find, shouldn't there have been another shortcut, like with Dungeon Keeper and its expansion? Anyway, the games look a lot like Warcraft 3, one of my favorite games of all time, with those nostalgic graphics. Can't wait.

That's pretty strange. Installed the game through Galaxy and I both get the option to launch the expansion through it and also a shortcut in GOG.com's subfolder in the Programs folder (see attached image below).