Quantum N = 2 Supersymmetric Black Holes in the S-T Model

We consider axion-free quantum corrected black hole solutions in the context of the heterotic S-T model with half the N=2, D=4 supersymmetries unbroken. We express the perturbatively corrected entropy in terms of the electric and magnetic charges in such a way, that target-space duality invariance is manifest. We also discuss the microscopic origin of particular quantum black hole configurations. We propose a microscopic interpretation in terms of a gas of closed membranes for the instanton corrections to the entropy.