American Capital 10-K 2013 FY Annual report

Exhibit 23.2

Consent of Independent Auditors

We consent to the incorporation by reference in the following Registration Statements:

(1) Form S-8 (No. 333-68993) of American Capital, Ltd.,

(2) Form S-8 (No. 333-60518) of American Capital, Ltd.,

(3) Form S-8 (No. 333-109024) of American Capital, Ltd.,

(4) Form S-8 (No. 333-109026) of American Capital, Ltd.,

(5) Form S-8 (No. 333-124361) of American Capital, Ltd.,

(6) Form S-8 (No. 333-135017) of American Capital, Ltd.,

(7) Form S-8 (No. 333-135019) of American Capital, Ltd.,

(8) Form S-8 (No. 333-160997) of American Capital, Ltd.,

(9) Form S-8 (No. 333-168514) of American Capital, Ltd.,

(10) Form S-8 (No. 333-93271) of American Capital, Ltd.,

(11) Form S-8 (No. 333-172265) of American Capital, Ltd.,

(12) Form S-8 (No. 333-139965) of American Capital, Ltd., and

(13) Form S-3 (No. 333-123340) of American Capital, Ltd.;

of our reports dated March 3, 2014, with respect to the consolidated financial statements and financial highlights of European

Capital Limited included in this Annual Report (Form 10-K) of American Capital, Ltd. for the year ended December 31, 2013.

/s/ Ernst & Young LLP

Guernsey, Channel Islands

March 3, 2014