We consider axion-free quantum corrected black hole solutions in the c
ontext of the heterotic S-T model with half the N = 2, D = 4 supersymm
etries unbroken. We express the perturbatively corrected entropy in te
rms of the electric and magnetic charges in such a way, that target-sp
ace duality invariance is manifest, We also discuss the microscopic or
igin of particular quantum black hole configurations, We propose a mic
roscopic interpretation in terms of a gas of closed membranes for the
instanton corrections to the entropy. (C) 1997 Elsevier Science B.V.