A forest industry lobby group wants the New Zealand Superannuation Fund to bid for the country's third-largest forest estate, Matariki Forests.

United States forestry company Rayonier Inc, Matariki's 40-percent owner, is hoping to sell the joint venture for up to $1 billion. Preliminary offers are due by December.

The government superannuation fund, set up to part-pay New Zealand's future superannuation needs, needed to lift its investment in a long-term industry with solid growth prospects, the Forest Industry Contractors Association said.

"The previous government set a precedent buying back the railways -- buying back New Zealand's forests make good financial sense and excellent climate change sense now that emissions trading scheme (ETS) is law," chief executive John Stulen said.

Forestry was still in a growth phase in New Zealand, and the second-largest export earner, Mr Stulen said.

Before Saturday's election, the National Party said it would direct the NZ Super Fund to lift its local investment to 40 percent from 23 percent.

National also said it would amend the previous government's ETS within nine months of office.

Matariki Forests owns the third-largest forest estate comprising about 140,000ha of high quality radiata pine forest throughout New Zealand.