[en] The quantum mechanics of N slowly-moving BPS black holes in five dimensions is considered. A divergent continuum of states describing arbitrarily closely bound black holes with arbitrarily small excitation energies is found. A superconformal structure appears at low energies and can be used to define an index counting the weighted number of supersymmetric bound states. It is shown that the index is determined from the dimensions of certain cohomology classes on the symmetric product of N copies of R⁴. An explicit computation for the case of N=2 with no angular momentum yields a finite nonzero result. (author)