  The affinization morphism for the stack $\mathfrak{M}(\Pi_Q)$ of
representations of a preprojective algebra $\Pi_Q$ is a local model for the
morphism from the stack of objects in a general 2-Calabi-Yau category to the
good moduli space. We show that the derived direct image of the dualizing
complex along this morphism is pure, and admits a decomposition in the sense of
the Beilinson-Bernstein-Deligne-Gabber decomposition theorem.
  We introduce a new perverse filtration on the Borel-Moore homology of
$\mathfrak{M}(\Pi_Q)$, using this decomposition. We show that the zeroth piece
of the resulting filtration on the cohomological Hall algebra built out of the
Borel-Moore homology of $\mathfrak{M}(\Pi_Q)$ is isomorphic to the universal
enveloping algebra of an associated BPS Lie algebra $\mathfrak{g}_{\Pi_Q}$.
This Lie algebra is defined via the Kontsevich-Soibelman theory of critical
cohomological Hall algebras for 3-Calabi-Yau categories. We then lift this Lie
algebra to a Lie algebra object in the category of perverse sheaves on the
coarse moduli space of $\Pi_Q$-modules, and use this algebra structure to prove
results about the summands appearing in the above decomposition theorem. In
particular, we prove that the intersection cohomology of singular spaces of
semistable $\Pi_Q$-modules provide "cuspidal cohomology" - a conjecturally
complete subspace of canonical generators for $\mathfrak{g}_{\Pi_Q}$.
