We evaluate near-field thermophotovoltaic (TPV) energy conversion systems focusing in particular on their open-circuit voltage (Voc). Unlike previous analyses based largely on numerical simulations with fluctuational electrodynamics, here, we develop an analytic model that captures the physics of near-field TPV systems and can predict their performance metrics. Using our model, we identify two important opportunities of TPV systems operating in the near-field. First, we show analytically that enhancement of radiative recombination is a natural consequence of operating in the nearfield. Second, we note that, owing to photon recycling and minimal radiation leakage in near-field operation, the PV cell used in near-field TPV systems can be much thinner compared to those used in solar PV systems. Since non-radiative recombination is a volumetric effect, use of a thinner cell reduces non-radiative losses per unit area. The combination of these two opportunities leads to increasingly large values of Voc as the TPV vacuum gap decreases. Hence, although operation in the near-field was previously perceived to be beneficial for electrical power density enhancement, here, we emphasize that thin-film near-field TPVs are also significantly advantageous in terms of Voc and consequently conversion efficiency as well as power density. We provide numerical results for an InAs-based thin-film TPV that exhibits efficiency > 50% at an emitter temperature as low as 1100 K.