Getting hardstop error while editing the APK - User Profile panel shipped with Panels 3

I had the error while trying to edit the APK - User Profile panel shipped with Panels 3. The error shows up only if I click the content tab for the "Advanced Profile Kit - User Profile" variant.

Fatal error: Call to undefined function set_display() in /sites/all/modules/ctools/views_content/plugins/content_types/views_panes.inc on line 430